The article shows how you'd need to sell a house for over $2m to have to pay the extra 4% tax on just $200k ($8,000 total).

The bigger problem in my eyes with bills like this is that it sets a dollar amount rather than something that will adjust with future changes in the value of money.

So I'd rather see something more complicated where they take the income of everyone in the state, determine what some predetermined percentage is (e.g. the 98% threshold) and the following year any income above that gets the higher rate.

Since a million dollars a couple of decades ago was a lot different in purchasing power or value than it is now it only makes sense that the level the tax takes effect should be moving up in the same sort of way or those subject to it will grow in ways that is not part of the ballot question.