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Political Discussion
Reply to "California's Wealth Tax"
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[quote=Anonymous][quote=Anonymous]Remember Margaret Thatcher's line: "The problem with socialism is that you eventually run out of other people's money". Taxes drive behavior, and that behavior will be to avoid the tax one way or another, not to happily pay for endlessly expanding social welfare programs. To the extent that wealthy people become tax exiles from CA, the state will experience a net loss of income rather than any gains at all. [/quote] I am interested in seeing California implement this tax as a social experiment. My hypothesis is that it’ll result in a net loss of tax revenue for them, as millionaires take their assets and leave the state. The other impacts are harder to determine—perhaps they’ll have a lot of semi-vacant property so that the owners avoid being taxed as California residents. [/quote]
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