Prop 40 and the Great Billionaire Exit: What a One-Time 5 Percent Wealth Tax Teaches California About Mobility

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Six billionaires reportedly left before the residency deadline, and the revenue the union counted on left with them Surfers understand something that central planners keep forgetting: you cannot hold a wave in place. It moves, it breaks where conditions allow, and anyone who tries to charge for it at one spot discovers that the lineup […]

Props 2, 3 and 43: Higher Reserves, Permanent Top Tax Rates and a Two-Thirds Rule for Local Taxes

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California’s November ballot asks voters three questions about how much government should hold, how much it should keep and who must agree Every few years California voters are asked to write a rule about money into the constitution. This November, three of the 14 statewide measures concern fiscal architecture, and each reflects a different instinc

Who Owns a Wave? A California Company’s Patent Suit and the Economics of Artificial Surf

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American Wave Machines is suing a Canadian rival over pneumatic wave technology, a dispute that tests whether intellectual property spurs innovation or fences it in Wave Pool Patent Lawsuit: Property Rights in an Idea The business of manufacturing surf has grown from novelty to industry. Parks are open or under construction on several continents, e

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