The failure of this homeowners’ tax-break measure might have been predictable–its creators didn’t mount much of a campaign, and evidently left it for dead.
The state Legislative Analyst’s Office estimates that California schools and local government losses will run $1 billion annually if voters approve a new property tax measure.
In an interview with Capital & Main, the California State Controller offers her assessment of the president’s proposal, and concludes that it is not genuine tax reform but largely a giveaway to the wealthy.
Most people don’t realize that when corporations are hit with massive punitive-damage awards, they actually pay far less than the amounts reported in news accounts. The financial sting of those awards can be eased because companies can deduct the amount paid from their taxes.
The last time California enacted comprehensive tax reform, FDR was president, Babe Ruth was still playing baseball and the Golden State was five years away from seeing its first freeway open.