California’s Self-Inflicted Wounds

Last month Los Angeles’ so called Mansion Tax went into effect.  This tax, supported by 57% of voters was intended to help the city’s problem with homelessness.  Instead, this tax is likely to crush sales of properties worth over $5M, and devastate transactions in properties over $10M.  While this transfer of wealth is called the Mansion Tax, the name is a complete misstatement of what the tax actually is.