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Newsom's a tool, but it's very obvious why this is the line he's walking. And it's not to pull one over on his constituents.
He's pushing for a Federal tax over a state one is because a state one will just push billionaires to other states. Billionaires are certainly not stopped by a state line, a law without teeth is just theater.
We absolutely need a federal wealth tax, along with consequences for individuals and corporations that flee to international tax havens.
I don't know about you, but I take comfort in that.
CORRECT! A ONE TIME Tax is going to ANNIHILATE the ~~Major Taxpayers!~~ ~~Major Job Creators!~~ People who pay the least tax while taking the MOST Welfare!
I'm not claiming it will. I'm claiming that California has no means to enforce it.
Historical consequences of a wealth tax:
In other words, it’s just bad tax policy, hard to track and introduces administrative burden, and encourages further obfuscation. Alternative: Income tax reform is a better solution.
Relocation of billionaires is a good thing if nothing else to kill their credibility that they in any way shape or form give a fuck about this country. Secondarily it also makes them easier to sanction.
It looks like your information was sourced from the Tax Foundation, which apparently has a murky history of cherry picking economic data to solely support business-conservative causes in Europe. The Reception section of their Wikipedia page will get you started on how much to trust them for accurate analyses. Just FYI.
I encourage you to provide a list of countries where it isn’t repealed and is effectively working.