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:
Ecstasy and Bribery Accusations in Sean ‘Diddy’ Combs Trial Bolster Racketeering Charge
2 hours ago
Germany Threatens Steps Against Israel as Tone Shifts Over Gaza
2 hours ago
US Supreme Court Rejects Case About Student’s ‘There Are Only Two Genders’ T-Shirt
2 hours ago
Fresno Police Arrest 20 for DUI During Enforcement Operation
39 minutes ago
Ireland to Press Ahead With Trade Ban on Israeli-Occupied Areas
1 hour ago
FBI Announces New Probes Into Dobbs Supreme Court Leak, White House Cocaine Incident
2 hours ago
Ecstasy and Bribery Accusations in Sean ‘Diddy’ Combs Trial Bolster Racketeering Charge
2 hours ago
Germany Threatens Steps Against Israel as Tone Shifts Over Gaza
2 hours ago
US Supreme Court Rejects Case About Student’s ‘There Are Only Two Genders’ T-Shirt
2 hours ago
Fresno Police Arrest 20 for DUI During Enforcement Operation
39 minutes ago
Ireland to Press Ahead With Trade Ban on Israeli-Occupied Areas
1 hour ago
FBI Announces New Probes Into Dobbs Supreme Court Leak, White House Cocaine Incident
2 hours ago
Ecstasy and Bribery Accusations in Sean ‘Diddy’ Combs Trial Bolster Racketeering Charge
2 hours ago
Germany Threatens Steps Against Israel as Tone Shifts Over Gaza
2 hours ago
US Supreme Court Rejects Case About Student’s ‘There Are Only Two Genders’ T-Shirt
2 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: David Sanchez Montes
14 minutes ago
Categories

Valley Crime Stoppers’ Most Wanted Person of the Day: David Sanchez Montes

Trump Threatens Action as Clovis Prepares for CIF State Track Championships

Fresno Police Arrest 20 for DUI During Enforcement Operation
