[quote=briansd1]I don’t see how taxing wealth (property) is regressive.
Under the current CA system of property taxes, someone living in a million dollar house in La Jolla (with the income to match and money and property passed down several generations) could be paying less than someone who just bought a new tract house in El Cajon. That’s pretty regressive to me.
BTW, the CA system suits me just fine.[/quote]
Typically, taxation based on net worth (especially when that is disproportionately expressed as property value) over income level, is viewed as regressive.
The prototype polemic example is the old widow on ssi who only has the house she always lived in. That was the primary rhetorical referent when prop 13 was passed.
