The wealth tax: Where did all the money go?
Shocker alert: A new study concludes that California’s latest soak-the-rich tax proposal could result in a loss of revenue. Hard to believe. California voters in November will decide on Proposition 40, a supposed “one-time” 5 percent net worth on the assets of billionaires. The rest of the nation — including Nevada — should pay close attention to the results because this is a dry run for…
California's proposed wealth tax, known as Proposition 40, has sparked controversy as a new study suggests it may generate less revenue than initially anticipated. Supporters of the tax estimate it will raise $100 billion to offset federal Medicare cuts, but a Stanford University review claims the measure could only collect $30 billion.
The study highlights that seven billionaires, accounting for 30 percent of the state's billionaire wealth, have already relocated out of California to avoid the tax. This loss of high-net-worth individuals could negatively impact the proposed revenue. As California voters prepare to decide on the measure in November, the outcome could have implications not only for the state but also for the national Democratic Party as left-leaning and socialist supporters gain influence ahead of the 2028 election.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- The wealth tax: Where did all the money go? koreatimes.co.kr
