Billionaires Flee CA Before Prop. 40 Wealth Tax

At least seven billionaires have left California before the January residency date for Prop. 40, the proposed one-time wealth tax, per a Stanford study. Taxing the rich until they move out is a plan that works great until they read it. Stanford's Benjamin Jaros and Joshua Rauh put the yield at $28 billion to $36 billion, which is a day late and a dollar short of the $100 billion backers claimed. Supporters, led by SEIU-United Healthcare Workers West, answer the study by arguing with it, the same plan a cow uses when it won't load. Over 100 economists want it rejected, and a later poll shows support slipping as Props. 41 and 42 poll ahead. Opponents are already lining up lawyers in case it passes.

“This is the worst possible tax policy at the worst possible time for California.”Rob Lapsley's organization's critique; attributed to the speaker quoted in NY Post, via NY Post