A California taxpayer revolt threatens official bankruptcy "A gift-wrapped time bomb," says Los Angeles District Attorney John Van De Kamp.
"A disaster," says California State Assembly Speaker Leo McCarthy.
"A chaotic disruption," says Los Angeles School Superintendent William Johnston.
"No matter how you slice it," says San Francisco Mayor George Moscone, "our police, our libraries, our fire department and schools would be crippled."
The reason for all these cries of alarm is Proposition 13, a measure that would limit California property taxes to 1% of the market value of all real estate, about one-third...