Share
by David Taub
This year’s ballot is loaded with 17 propositions. Most of them are populist- they sound nice and easy in order to achieve approval. One of these ideas is Prop 55, which extend the tax on California’s wealthy, initially passed with Prop 30.
Supporters of Prop 55 have been advertising heavily on TV, saying extending these taxes would continue to fund schools. But, some editorial boards of the biggest papers are not convinced. The Los Angeles Times is urging a no vote.
“Instead of backing the state away from that dangerous revenue volatility, Proposition 55 ensures that we will be more tied than ever to Wall Street,” the Times says.
The view reflects a recent UCLA Anderson Forecast that says it is dangerous to tie a tax to the wealthy. If the economy goes down, do do those tax revenues.
The editorial continues: “When a majority of people provide a substantial portion of the state’s revenue, there is a broader demand for accountability and a greater incentive to vote. But when only a few provide most of the revenue, the majority loses not only its incentive to demand results, but its leverage to do so.”
Read the LA Times editorial.
RELATED TOPICS:
Israeli Gunfire Kills 17 People Near Gaza Aid Site, Health Officials Say
18 hours ago
Parliament Member Corbyn Calls for Inquiry Into UK Role in Gaza War
19 hours ago
An Unknowing Fresno County Gave Community Medical $2.7M While Hospital Engaged in Kickback Scheme
15 hours ago
Wall Street Ends Higher as Investors Track Progress of US-China Trade Talks
16 hours ago
Israel Strikes Hodeidah Port, Threatens Naval, Air Blockade
17 hours ago
Britain and Allies Sanction Israeli Far-Right Ministers for ‘Inciting Violence’
17 hours ago
Trump Aide Criticizes Mexican President on Los Angeles Protests
18 hours ago
Israeli Gunfire Kills 17 People Near Gaza Aid Site, Health Officials Say
18 hours ago
Parliament Member Corbyn Calls for Inquiry Into UK Role in Gaza War
19 hours ago
An Unknowing Fresno County Gave Community Medical $2.7M While Hospital Engaged in Kickback Scheme
15 hours ago
Wall Street Ends Higher as Investors Track Progress of US-China Trade Talks
16 hours ago
Israel Strikes Hodeidah Port, Threatens Naval, Air Blockade
17 hours ago
Britain and Allies Sanction Israeli Far-Right Ministers for ‘Inciting Violence’
17 hours ago
Trump Aide Criticizes Mexican President on Los Angeles Protests
18 hours ago
Israeli Gunfire Kills 17 People Near Gaza Aid Site, Health Officials Say
18 hours ago
Parliament Member Corbyn Calls for Inquiry Into UK Role in Gaza War
19 hours ago
Arizona Governor Vetoes Bill to Ban Teaching Antisemitism in Arizona’s Public Schools
12 hours ago
Categories

Arizona Governor Vetoes Bill to Ban Teaching Antisemitism in Arizona’s Public Schools

US Rep. LaMonica McIver Indicted on Federal Charges From Skirmish at New Jersey Immigration Center

US Military Bases to Restore Names Changed After Racial Justice Protests, Trump Says

An Unknowing Fresno County Gave Community Medical $2.7M While Hospital Engaged in Kickback Scheme

Wall Street Ends Higher as Investors Track Progress of US-China Trade Talks

Israel Strikes Hodeidah Port, Threatens Naval, Air Blockade
