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Cramer

One of the problems in Cali is their excessive reliance on income- and sales-based taxes. This is due to Prop 13 that severely restricted revenues from property taxes.

The problem with income and sales taxes is they are highly pro-cyclical. When times are good the money rolls in and the state goes on a spending spree. When times are bad revenues collapse. So do the state's finances.

In theory, the state would save for a rainy day during good times. In practice, it never happens. Cali needs to start moving back to property-based taxes. They are much more stable. Housing bubbles happen a lot less frequently than economic downturns/recoveries.

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