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Originally Posted by TheMercenary
It is the only one I have heard of that issuing IOU's and not paying it's bills.
Agreed.
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Well part of it is
Prop 13. It's great to reduce taxes by 57% and then lock it all in by required a 2/3 majority to increase them - unless you actually need the money. And even if you wanted to cut social programs and such, you still need a government to handle earthquakes, fires, and other natural disasters. With the stock market tanking, California is probably down to the bone and a 2/3 majority almost guarantees gridlock in any emergency tax measures. I doubt they can find enough significant cuts, hence the stalemate.
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The proposition's passage resulted in a cap on property tax rates in the state, reducing them by an average of 57%. In addition to lowering property taxes, the initiative also contained language requiring a two-thirds majority in both legislative houses for future increases in all state tax rates or amounts of revenue collected, including income tax rates. It also requires two-thirds vote majority in local elections for local governments wishing to raise special taxes. Proposition 13 received an enormous amount of publicity, not only in California, but throughout the United States.[1]
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