Unstable during times of severe economic downturn

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Some economists point out that although California’s tax revenues are “unstable” during times of severe economic downturn, the system has other benefits: It is highly progressive (i.e., more equitable in terms of who pays taxes), and the state raises most of the revenues for local governments, which are often less efficient in collecting taxes and which use more regressive tax sources. Those who lament the passage of Proposition 13 often fail to note that the property tax gets low marks for fairness and progressivity. Given that economic recessions like the one spawned by the financial meltdown are rare, should more states emulate California’s tax system?

Reference no: EM131127295

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