Opinion: The return of the foolish wealth tax
One such idea is the “wealth tax,” a failed proposal that seeks to “reduce wealth inequality” by taking an annual bite out of the assets of people who are “obscenely ultra rich,” in the words of the author of the latest version of the bill.
The proposed legislation is Assembly Bill 2289, and it is supported by the California Federation of Teachers despite record spending on education in the current state budget. CFT president Jeff Freitas said in a statement, “California billionaires have increased their wealth astronomically since the beginning of the pandemic, while regular working folks have struggled to pay their bills.”
When last year’s version of the “wealth tax” was under consideration, a report from the California Policy Lab on the alleged “CalExodus” noted that the top 0.5% of California taxpayers account for 40% of state income tax revenues. That makes an annual tax on the global assets of wealthy state residents a profoundly stupid idea. It is an engraved invitation for high-wealth residents to leave, and just as importantly, it’s a tremendous disincentive for entrepreneurs to locate their start-ups in California. That hurts job creation, and the lack of good jobs in the state worsens income inequality. California has the nation’s highest poverty rate, with more than 15% of state residents living in poverty.
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