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
Supporters of California’s proposed billionaire tax say it could raise $100 billion, with 90% of the proceeds earmarked for health care. A pair of Stanford economists warn it could instead leave the state $39 billion worse off in today’s dollars. Proposition 40, on California’s Nov. 3 ballot, would impose a one-time 5% tax on the
When the news this week came out about oil spiking back up above $100 a barrel, analysts didn’t seem to be too concerned. This may be unusual: in the past, oil price surges sent shockwaves through markets and the economy, causing long lines at gas stations and frustrating drivers. But this time, economists say $100
