Gavin Newsom Declares New Wealth Tax Dead On Arrival In California

Well, I am glad to see that at least a small number of progressive realize a wealth tax is a suicide option and economically damaging. Unfortunately the California Assembly (and to a smaller degree the California Senate) is a bastion of lunatics.

Alex Lee being Exhibit A.

Other than real estate taxes, which are firmly established, no new direct taxation of any kind should be established, whether it be a capitation tax or whether it be a wealth tax.

We should stick with indirect (transactional) taxation.

Now how will they pay for those reparations that they promised?


Wonder why?

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Point of diminishing returns.

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I have said for years if you want to call elected dems bluff propose a wealth tax and watch them oppose it. You for sure won’t see people like Buffet support it.


All these lib politicians are either multimillionaires or on their way to becoming multimillionaires! Somehow they have all figured out a way to make it in this awful country. :man_shrugging:

They don’t want to tax their own riches, they want to tax you to the point that you cannot have riches. Every lib is a Conservative when it comes to their own money. :wink:


Such a beautiful state filled with good people and the potential to lead the world….sadly California is the place where idiotic public policy goes to be born.


In basically two cities.

Yep…I’ve spent a lot of time in California…most of it north of San Francisco….the people living in the northern half of state have no idea what the lunatics south of them are doing or why.

It’s nice to see Governor Newsom covering his own ass….errrr….showing some common sense rejecting this stupid wealth tax.

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Did this part of that dumb idea die with the Governor’s proclamation?

“California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents — even if they’ve already moved to another part of the country.

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California Legislature that would impose an extra annual 1.5% tax on those with a “worldwide net worth” above $1 billion, starting as early as January 2024.” California Dems consider wealth tax — including for people who moved out of state