If California undid its ‘original sin’ and matched Texas on taxing property, it would raise more revenue than the billionaire tax, economists say

California voters will decide on Proposition 40 soon, but looming over the controversial billionaire wealth tax proposal is another state ballot measure from nearly 50 years ago. In 1978, voters approved Proposition 13, which capped property taxes at just 1% of assessed value, limited annual hikes to 2%, and allowed reassessments to market value only after sales or substantial renovations. It came amid a wider tax revolt leading up to Ronald Reagan’s election as president and an era of conservative governance in America.

Source: Fortune Crypto