Tom Steyer assails ‘Trump’s tax loophole’ — but it’s just Prop. 13

“California’s ‘Trump Tax Loophole’ is a billionaire-friendly tax break that lets the wealthiest commercial property owners avoid paying taxes based on what their properties are actually worth,” proclaims Tom Steyer, candidate for governor of California, on his website. Steyer has described this “loophole” in debates as if it is a special benefit for corporations, a “corporate real estate tax loophole.” In the gubernatorial debate on CNN, for example, he declared: “I will on the first day [in office] call a special election to close a corporate real estate tax loophole that’s worth over $20 billion. … California government needs more...