California’s Proposition 30, which increases taxes on incomes over $2 million to speed the state’s transition to electric vehicles, is the most interesting ballot initiative in the country. At over 15%, it would create the country’s highest tax rate. The expected $10 0 billion in revenue would be spent mostly on subsidizing the state’s transition to EVs. What makes the proposal interesting though, and a forewarning for those who support the type of progressive politics California is known for, is that the Proposition has created an intense intramural scramble among democrats over the funds.
As Margaret Thatcher stated, ‘the problem with socialism is that you eventually run out of other people’s money’. In California, the ‘other people’ are those with incomes over $1million. Even the most liberal of all California groups, the California Teachers Association, realizes the state can only go so far taxing…
