March 07, 2011

To us, the parallel is with the tax revolt and Proposition 13, the tax limitation initiative passed by California voters in 1978. It spread like wildfire across the states, where other limitations were put to a vote. The tax revolt impacted the behavior of state and local politicians, led to a change in the overall political environment, and, in our opinion, paved the way for the election of Ronald Reagan as President of the United States.

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