The wealth tax in California

NY Times: "It Failed in France. It Would Be a Disaster in California."

Other countries have made the same mistake Californians are being tempted to commit. In 1990, 12 industrialized countries levied a wealth tax. By 2025, nine countries had repealed theirs — including Denmark, Sweden, Germany, the Netherlands and France. These nations discovered that wealth taxes are hard to implement, cause wealthy people to move and take their money elsewhere and raise far less tax revenue than promised. The co-authors of the tax plan must know this history well: France, their home country, abolished its wealth tax in 2018 after an estimated 200 billion euros (about $228 billion) left the country over two decades and, according to estimates, the tax generated an annual budget shortfall of 7 billion euros.

All of the things that happened in France would happen in California, and the consequences would probably be worse.

California will probably vote for the wealth tax because if there's one thing California has produced besides fruits and nuts it's the sense of entitlement for other people's money.