Pressure Rises for California Wealth Tax Plan to Return in 2021

Proposals to raise taxes on wealthy Californians are likely to resurface in 2021 now that voters rejected a property tax increase that would have raised as much as $11.5 billion a year.

The failure of Proposition 15 on the Nov. 3 statewide ballot erased the possible influx of property tax revenue that would have funded local governments and schools and taken pressure off lawmakers to increase taxes in other ways.

The proposition, backed by labor unions, would have ended a 42-year-old cap on property tax rates by assessing commercial property at current market value each ...