> Last November there was a referendum in the city of Los Angeles for a “mansion tax” that would impose a new transaction tax on any real estate sale in excess of $5 million. The referendum passed with 58% of the vote. The tax is steep and punitive – a flat 4% on properties selling for $5 - $10 million, and 5.5% on properties selling for more than $10 million. > The citizens of L.A. were presented the opportunity to go to the polls and vote to seize somebody else’s money, and that’s just what they did. It’s mob rule democracy at its finest…not unlike the three wolves and two lambs voting on what to have for dinner. > On the other hand, rich Angelenos vote heavily Democrat, and they contribute crazy money to left-wing causes, so it’s also kind of funny to see the left-wing party that they’ve nurtured and funded turn on them and attack. Blue-on-blue political warfare in deep blue states is kind of entertaining to watch.