But neglects to consider why it won a majority of votes. Why did it? And how does Prop 13 relate to the more recent Prop 19, which substantially weakened it?
Old voters like the house they brought 20 years ago for 100k being worth 1.5 million today. They also like not paying taxes on that 1.4m in wealth accumulation.
I think not wanting to pay some yearly tax on that $1.4 million because the government pretends that the same as having $1.4M cash in the bank, or making $1.4M in a year, is fine.
Not wanting to pay the property taxes associated with a $1.5M home is the problem.
Which is why we also have things like a deferred property tax program! The way to "solve" the problems Prop 13 addresses would be to expand programs like that, but homeowners—disproportionately active middle- and upper-middle-class voters—want to have their cake and eat it too.
opposite, income taxes take place first. after a waiting period, its just capital gains. capital gains taxes are typically lower than income taxes so this encourage long term holding
They aren't going to sell it, they'll pass it to their children and the cost basis will reset. Their children will then sell it and pay zero tax.
Whats wild is the commercial side didn’t get closed. I understand the argument for individuals or households (I don’t love it - I’m on the wrong side of it, but at least it’s somewhat defensible), but if you’re running a business and your income isn’t keeping up with inflation, that’s called failing.
If the SEIU healthcare workers union is going to amend the state constitution, they should chip away at Proposition 13 instead of amending the constitution to make a bad tax that encourages capital flight.
It drives me crazy that California voters will wave through every single regressive sales tax hike that is placed in front of them, yet they will crawl through broken glass to vote against a property tax hike on corporations.
Please don't post snarky dismissals like this on HN. The guidelines make it clear we're trying for something better here. <a href="https://news.ycombinator.com/newsguidelines.html">https://news.ycombinator.com/newsguidelines.html
Acting like a jerk is not the best way to deal with bad content. Our software autokills generated comments and dowmweight slop posts multiple times daily. We can only do that when we know about it. Maybe the way to deal with junk content is not to create more kunk content? You can just email us.
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everybodyknows · · focus · HN ↗
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The idiom is "film at 11."
999900000999 · · focus · HN ↗
Old voters like the house they brought 20 years ago for 100k being worth 1.5 million today. They also like not paying taxes on that 1.4m in wealth accumulation.
Ancalagon · · focus · HN ↗
pc86 · · focus · HN ↗
Not wanting to pay the property taxes associated with a $1.5M home is the problem.
tikhonj · · focus · HN ↗
999900000999 · · focus · HN ↗
Without prop 13 that house would probably only be worth 600k. What difference does it make if it functions as a home.
Too late to fix it now.
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binlog · · focus · HN ↗
gehsty · · focus · HN ↗
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Ancalagon · · focus · HN ↗
Snark is one of the last ways to deal with the death of the internet.
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