California is chasing wealth that has feet
Points and comments are a snapshot, not live.
A land value tax would raise more revenue than California's billionaire wealth tax without driving away the rich.
California certified a 5% billionaire wealth tax for the November ballot, aiming to raise $20 billion annually. The Center for Land Economics estimates California's land is worth $8.14 trillion, eight times the billionaire base the wealth tax chases. Six billionaires worth $540 billion have already moved out of state. A 0.25% land value tax would raise the same $20 billion on an immobile base that grows with the economy. Proposition 13 has broken California's property tax, forcing reliance on income taxes that drive away wealthy residents.
What commenters are saying
Top comment dismisses the article for ignoring gentrification, but replies note the author did not need to mention it. Another commenter argues Texas's property-tax-heavy system is better than California's income-tax model, though others point to Texas's poor social outcomes and budget constraints. Several commenters dispute the claim that land value tax cannot be passed to renters, citing lease clauses and market dynamics; others defend the tax's economic efficiency. A minority thread debates whether California needs more taxes or has a spending problem.