Dem Rep. Kamlager-Dove: CA’s Tax System ‘Very Volatile’ Because It Relies on Small, Heavily-Taxed Group, Should Be ‘More Equal’

On Wednesday’s broadcast of Bloomberg’s “Balance of Power,” Rep. Sydney Kamlager-Dove (D-CA) said that, in California, “We rely on a small number of people to provide a lot of tax revenue to the state, and that brings with it volatility. So, how we can reform that so it is…fairer and more equal is really important.”

Co-host Kailey Leinz asked, “Are you concerned, Congresswoman, that this being a one-time tax, as you mentioned, might raise revenue via that one-time tax in the short term, but in the longer term, the state might actually lose revenue if they have a lower billionaire population to tax on a regular basis?”

Kamlager-Dove answered, “Well, I think there are a lot of questions around our tax code in California. It’s a very volatile system. We rely on a small number of people to provide a lot of tax revenue to the state, and that brings with it volatility. So, how we can reform that so it is…fairer and more equal is really important. And, to your point, we have long-term challenges that deserve long-term solutions. And bills like Prop 40 and the way that they are written might not really offer the kind of fix and guarantee that people want.”

Follow Ian Hanchett on Twitter @IanHanchett