Quote:
Originally Posted by Profane Kahuna
When the state keeps voting for MORE government spending, the money has to come from somewhere.
Fundamentally I'm OK with *some* limits on inheritance, but of course the devil is in the details.
Our national success is based in large part on meritocracy, and for that reason it's good to reset the economic baseline at least a little with each generation.
In the case of prop 19 is it really fair that inherited property used for rental income gets a permanent multi-generational tax break? Someone who did not benefit from inheritance and is trying to get into the rental property business would have to keep compete while significantly handicapped by the gov? Property value appreciation, and thus tax base, in CA tends to be VERY significant over time.
I'm good with prop 13, ie a family homestead can stay in the family. But that doesn't need to extend to income properties.
Otherwise you end up like Europe, with the same families running things for 1,000 years.