Their 1.1% tax on net wealth (not income) has led to the wealthy leaving the country and a dramatic drop in tax revenue. In other words, the wealth tax backfired – as successful entrepreneurs and business people leave the country.
California is proposing a 1.5% wealth tax. A wealth tax is an annual confiscation of private assets, even if the holder lost money that year. California has lost over 1/2 million residents during the past 20 years…
