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DO PROGRESSIVES SUPPORT
SGENTRIFICATION? By Jon Coupal, Howard Jarvis Taxpayers Association
upport is growing for the idea that The article complained that “The inheritance tax parents can help their families climb break . . . has allowed hundreds of thousands – the economic ladder by building including celebrities, politicians and out-of-state generational wealth through property professionals and some of California’s most
ownership. Surprisingly, this support has even been spotted in the opinion pages of the Los Angeles Times.
prominent families – to avoid paying higher taxes.” The article paid scant attention to the vast majority of property owners, ordinary people who inherited the homes their parents worked for 30 years to pay off.
elimination of the parent-child transfer protection, asserting that “there is no compelling public purpose or societal good in passing tax breaks through generations.”
Given its hostility to the constitutional protections that helped to preserve intergenerational wealth, we were surprised that the L.A. Times recently ran an op-ed piece with a very different view from their own
It’s surprising because the Times has previously
taken a highly negative view of families being able
to pass along intergenerational wealth in the form The L.A. Times editorial board called for the
of real property. In a lengthy 2018 article about the effect of a voter-approved measure that allowed parents to transfer property to their kids without reassessment and a tax increase, Times reporter Liam Dillon focused almost exclusively on how the measure had benefited some very wealthy families. In particular, he objected to actors Jeff Bridges and Beau Bridges renting the Malibu home they inherited from their father, actor Lloyd Bridges.
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