Man On The Ground

Is California an example of why binding referenda don’t work?

From our Man on the Ground in Switzerland:

“It is arrant nonsense that initiatives have much to do with California’s fiscal meltdown. I recommend the article in the link below. The State is hugely exposed to Capital Gains tax fluctuations, as well as Property Tax assessment cycles; has a top State income tax rate of 10%; its average taxpayers also hand over 20-25% of income in Federal taxes.”