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It's not going to work. Billionaires will simply leave California resulting in less tax revenue.
Then you pass an exit tax law. Norway did this. 38%.
Media is constantly telling us we need to succumb to blackmail of billionaires leaving.
From https://www.forbes.com/sites/nathangoldman/2025/11/14/can-a-5-wealth-tax-on-200-billionaires-save-or-sink-california/
The most common issue raised by skeptics of wealth taxes is “capital flight”. As discussed in a Tax Notes article, “such a tax would signal to wealthy taxpayers that they should reside elsewhere.” This article goes on to discuss that high-income taxpayers pay the majority of state income taxes in California, and even if a small number of those individuals leave, it could lead to long-term tax collection consequences.
This concern has been underscored by numerous academic studies. Most recently, an NBER working paper co-authored by Jakobsen, Kleven, Kolsrud, Landais, and Munoz finds that 1 one percentage-point increase in the top wealth tax rate in Sweden and Denmark leads to an outward migration of wealthy taxpayers by two percent. Other work in the American Economic Review by Moretti and Wilson documents that variation in jurisdictional taxes significantly influences the location of talent, suggesting that higher tax burdens lead individuals to relocate.
You might think so, but that's not what happens. Also, fuck them if they won't pay their fair share. Good riddance to the fucking ghouls.
Let's make it happen in every state!! We got this!!!!
From https://finance.yahoo.com/news/only-6-billionaires-left-california-073000585.html
Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax—but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.
So there's still an expected $73 billion in tax from the remaining billionaires.
That's $73 billion more than without that tax.
How is that not a good result?
They might leave. States such as Texas and Florida are probably encouraging them to come.
Let them go.
Nothing of value will be lost.
Some will, but why would California want to keep around useless leeches that take from local services and dont contribute to society at all? California is one of the most desirable locations for the rich to live on the planet. It is propaganda produced by morons that they dont have the power to cash in on that. Believe it or not, but these taxes will make california even more economically competitive as the money is reinvested into infrastructure and human capital instead of yachts. Its insane how badly conservatives have brain washed people into thinking looting public coffers for the rich is the only way to run an economy. Very few fled New York when Mamdani was elected, and almost nobody will do shit about California taxing the rich correctly.
Since they have higher income, they pay more taxes. If they leave, that revenue will be gone. The rich do not have to flee New York, just NYC, but some will leave the state and take their businesses with them. See https://www.msn.com/en-us/money/smallbusiness/michael-goodwin-socialist-mamdani-s-tax-the-rich-war-cry-will-only-hurt-new-york/ar-AA22O4pf
Citation very much needed, because lol no they don’t. Their propaganda sure worked on you, though.
In fact they hire people to find every loophole they can so they pay as little as possible, often less than us working class stiffs pay. Absolutely less as a percentage of total, if not in absolute numbers, tho usually in absolute numbers as well.
Then they will find a way to circumvent paying the billionaire tax.
They always threaten to, but they never actually do.
Should NYC take that chance?
Why not? All the regular people who actually pay tax will remain.
Because if they go they, they might not return.
...okay? Good riddance, then.
Do you think or even have proof that billionaires pay tax?
They rather spend the money on ways that help them avoid doing so.
If that's the case, how would the billionaire tax be effective?
They will tax the wealth, not the income which is legally zero because they borrow money against it.
From https://www.forbes.com/sites/nathangoldman/2025/11/14/can-a-5-wealth-tax-on-200-billionaires-save-or-sink-california/
In addition to concerns surrounding capital flight, there are numerous other concerns with imposing a wealth tax. For starters, it can be very difficult to value a taxpayer’s wealth. Naturally, a stock and securities portfolio maintains accurate valuations on a regular basis. However, real estate assets have much looser valuations, and some assets like artwork require professional assessments. When considering the entire portfolio of assets for California’s billionaires, it remains unclear as to how expensive it might be to value a taxpayer’s wealth accurately, not to mention how long it will be litigated once that taxpayer inevitably argues the valuation. Additionally, enforcing a wealth tax can create liquidity problems for taxpayers as they might have to sell assets to meet the tax liabilities, and it could lead to substantial tax planning that results in the taxpayers gaming the system, and thus, the proposal would not have the intended effect.
They hide their income so they don't pay tax. This is a wealth tax. On their wealth. Like the middle class pays with their property tax.
California tax is based on income. Consequently, the more income the higher the tax.