“Tax the rich” is a bankrupt slogan of far-left Democrats as they try to siphon even more money from society’s most creative class — its entrepreneurs, inventors, and builders — and waste it instead on the worst-run part of our economy: Big government.
. . . "Their proposal would, the New York Post editorial board notes, end up “socking not just millionaires but even couples making just $500,000, who’d see their taxes rise a whopping 10%. And top earners would face a top rate of 24% — the highest not just in America but the world.“
"'And, of course, California is now discovering, to its shocked regret, that super-smart and ultra-mobile rich people and entrepreneurs don’t sit still to let their income and wealth be stripped off them by greedy leftist politicians.
"No, they leave, taking their wealth, taxes, companies, and, most importantly, high-paying jobs with them.
"California’s bitter experience should serve as an object lesson in capital flight. But socialists don’t care. They think your money should be theirs to spend. They use billionaires as targets, because there’s so much envy and resentment over their wealth.
"Any state now contemplating punitive taxes on the wealthy would do well to learn from what’s happening to California, where activists, unions, and Democratic politicians are trying to get an initiative on the ballot called the “2026 Billionaire Tax Act.”
"Its goal: to impose “a one-time 5% tax on billionaire wealth.”
"It’s already having a nightmare impact on California’s economy, with at least seven entrepreneurial, job-creating billionaires relocating to friendlier states and taking their businesses, technology, and highly skilled and highly paid workforces with them.
"And California’s already poorer for it.
"As we noted last month, the billionaire tax is not “even officially on the California ballot yet, but that hasn’t stopped businessmen, entrepreneurs, and investors from fleeing the state, taking $1 trillion in wealth – along with jobs and opportunity – with them.” . . . More...
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