What if Angelenos Stopped Paying the Wall Street Tax?
CORRUPTION WATCH-Unlike many taxes, the Wall Street tax gets us taxpayers nothing in return. We do not get sewers or streets or parks or police or paramedics. Each month, millions of Angelenos cough up anywhere from $500 to $4,000 for the Wall Street tax. No one has taken the time to calculate the exact amount of it, but we know that newcomers pay a higher tax than Angelenos who are long-time residents. The Wall Street tax is the extra rent or mortgage Angelenos pay each month for housing costs over and above the fair market value. One way or another, our rent and mortgage payments end up on Wall Street.
