I voted against it. California needs to fix its property tax problem. Raising property taxes, particularly instituting a land value tax, would require no new bureaucracy and would address the main cause of poverty in California, which is housing costs, by encouraging the highest and best use of land.

Laws should never be used to extract wealth. Whatever the government invests effort it, it specializes in that over time and it entrenches itself. Laws and government should only exist to even the playing field of the market, allowing small businesses to rise faster.

This would be just as bad for the rich since their businesses would have more competition. The big difference is that tax goes through government, allowing politicians to have a huge incentive that benefits them, whether it's through legal means or not.