The Alchemy of Wealth Taxation
California’s proposed billionaire wealth tax is being sold to voters as a way to replenish the state’s tax coffers with billions of new dollars. What it actually will do is to end the vital capital investment that has driven California’s economy for decades.
Source: Mises Institute
―
DW NOTE
California has run deficits in eight of the last ten years. A one-time wealth tax won't fix structural overspending — it will fund this year's shortfall while the rich move their domiciles to Nevada. Khanna's decade-long revenue projection from a one-time levy is arithmetic fiction.