Re:How California Became America’s Housing Market Nightmare
by masonic on Thursday November 07, 2019 @04:31AM
(#21471717)
"Windfall" 8s an odd term to use.
The problem is that long term capital gains are not indexed to inflation, let alone in correlation to increasing RE values. If you index the cap gains tax to inflation alone, you'd find a huge added turnover in properties.
Prop 13 provisions can be altered anytime by another initiative OR by the Legislature. In either case, only a simple majority is needed for voter passage. The Legislature has been under Democrat control for over 22 years. Ask yourself why no change has even been attempted.
The problem is that long term capital gains are not indexed to inflation, let alone in correlation to increasing RE values. If you index the cap gains tax to inflation alone, you'd find a huge added turnover in properties.
Prop 13 provisions can be altered anytime by another initiative OR by the Legislature. In either case, only a simple majority is needed for voter passage. The Legislature has been under Democrat control for over 22 years. Ask yourself why no change has even been attempted.