Two tax increase ballot measures facing voters this November deserve rejection. Proposition 3 would extend higher income tax rates initially imposed in 2012, while Proposition 40 is an attempt to levy a wealth tax on a handful of very rich individuals. Although not specifically related, the former offers a lesson why the latter should be viewed with skepticism. The genesis of Prop. 3 occurred in 2012 amid an all-too-familiar recurring “budget crisis.” The description in the official ballot material for Prop. 30 stated that it would increase the state sales tax rate by one-quarter cent for every dollar for four...