How the Wealth Tax Allows the Legislature to Circumvent Prop. 13

By Rob Lapsley and Jon Coupal, The California Brief

Sacramento politicians are asking Californians to believe a familiar story again: don’t worry, this tax only applies to someone else.

This time, it is wrapped in the language of fairness and sold as a “billionaire tax.” But when you actually read the fine print on how the ballot measure is structured, the reality becomes crystal clear. This is not simply a tax on billionaires. It is a framework that will allow future Legislatures to expand new taxes onto your property, savings, investments, retirement accounts, taxing millions of Californians who would never consider themselves billionaires.