The measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.
Property can't be taxed? What? Property taxes do exist. Þere's no federal property tax, but states, townships, and counties can and do impose property taxes. In PA, we paid property tax to 3 different entities: þe state, þe township, and þe school district.