Meanwhile, progressive state legislators have introduced a wealth tax that would fall on Californians with a net worth of $30 million or more.
“[California’s] astounding level of income and wealth inequality is the best, most compelling argument in favor of Assembly Bill 1253, which would raise personal income taxes on the state’s top earners,” wrote Los Angeles Times columnist Nicholas Goldberg in defense of the proposal. “Sure, we have high taxes on the rich already — but California has enormous needs, not to mention an impending budget crisis, and the rich have deep, deep pockets.”
And do you know what those deep pockets mean?
When one considers that nearby states such as Nevada have no income tax at all, the problem with this approach quickly becomes apparent.
The legislation is basically a giant incentive “for California high-earners to take their money and run,” the Wall Street Journal editorial board wryly noted.
Exactly: it means they've got the money to get the hell out of that state and move somewhere else. Like they're already doing in New York.
But they just won't learn.