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.
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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?
Billionaires get a one-time tax; the rest of us get the monthly bill, forever.
