The law of Unintended Consequences reigns supreme.
Of course, perhaps it is the intention?
The people advocating a wealth tax believe billionaires are evil, so to them this is a moral issue. They believe the economy is a zero sum game, so if someone is a billionaire they must have stolen the wealth from “the workers” – by definition. No proof needed.
The very justification and basis of Marxism and Communism.
Yeah, if Alberta votes for independence from Canada that will be a bigger wealth flight.
Apples and oranges. The CA situation is a wealth flight – wealthy individuals are changing their official states of residence to places other than CA. Their wealth attaches to them, personally, so it goes with them. But the operations of their companies, which remain in CA, continue to contribute to CA’s GDP. If Alberta leaves Canada, that’s a GDP flight – roughly 15% of Canada’s current GDP.
That isn’t to say that, having repotted themselves to other states, CA’s formerly resident billionaires won’t also, over time, move their companies’ productive assets out of the state as well. If this happens, the hit to CA GDP could well exceed that to Canada caused by a notional Alberta exit. But it would not happen all at once as would be the case with the latter.
While this hasn’t picked up enough signatures yet to get on the ballot, it has to weigh on the minds of anyone with anything of value in California. It’s not enough to leave California when the stealing starts. You need to take what you can and write off what you can’t. Leaving before someone tries an retroactive tax on stuff is probably looking like good strategy right now.
I think it’ll depend to some degree on how close the proposed proposition comes to reality. If it manages to become law, then that will be a strong signal to escape California while you still can.
Also, I continue to be amazed at how many people strive to be a cartoon villain in an Ayn Rand story. She captured the banality of collective greed and envy quite well.
Related: the Arch of Trump.
https://x.com/WhiteHouse/status/2014747248110743784
You can’t spell “Triumph” without “Trump”…
The law of Unintended Consequences reigns supreme.
Of course, perhaps it is the intention?
The people advocating a wealth tax believe billionaires are evil, so to them this is a moral issue. They believe the economy is a zero sum game, so if someone is a billionaire they must have stolen the wealth from “the workers” – by definition. No proof needed.
The very justification and basis of Marxism and Communism.
The Largest Wealth Flight
SO FAR
Yeah, if Alberta votes for independence from Canada that will be a bigger wealth flight.
Apples and oranges. The CA situation is a wealth flight – wealthy individuals are changing their official states of residence to places other than CA. Their wealth attaches to them, personally, so it goes with them. But the operations of their companies, which remain in CA, continue to contribute to CA’s GDP. If Alberta leaves Canada, that’s a GDP flight – roughly 15% of Canada’s current GDP.
That isn’t to say that, having repotted themselves to other states, CA’s formerly resident billionaires won’t also, over time, move their companies’ productive assets out of the state as well. If this happens, the hit to CA GDP could well exceed that to Canada caused by a notional Alberta exit. But it would not happen all at once as would be the case with the latter.
While this hasn’t picked up enough signatures yet to get on the ballot, it has to weigh on the minds of anyone with anything of value in California. It’s not enough to leave California when the stealing starts. You need to take what you can and write off what you can’t. Leaving before someone tries an retroactive tax on stuff is probably looking like good strategy right now.
I think it’ll depend to some degree on how close the proposed proposition comes to reality. If it manages to become law, then that will be a strong signal to escape California while you still can.
Also, I continue to be amazed at how many people strive to be a cartoon villain in an Ayn Rand story. She captured the banality of collective greed and envy quite well.