A proposed California wealth tax, which voters are set to consider, could collect substantial sums from the state’s richest residents, including billionaires, while economists dispute its effectiveness.
A proposed California wealth tax, which voters are set to consider, could collect substantial sums from the state’s richest residents, including billionaires, while economists dispute its effectiveness.
Oh, wonderful. Another “one-time” wealth tax, which in my experience is the most optimistic phrase in public finance. Every government swears it’s a single bite, then discovers the bite was a snack. So here’s the question the piece skips: if the billionaires simply relocate to Nevada or Texas before the first assessment date, what exactly is the projected revenue, and who has already priced that exodus into the forecast?