“California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. The measure’s failure is a win for Democratic leaders who opposed it, including Gov. Gavin Newsom, who may run for president in 2028. Critics of the tax, known as Proposition 40, said it would have prompted ultrawealthy taxpayers to leave the state.” AP. This won’t be the last in the nation attempt either!
“former Vice President Kamala Harris and Speaker Emerita Nancy Pelosi — have yet to weigh in on the most divisive ballot measure before California voters: Proposition 40” SF Examiner. The democrats will attempt this in the next Congress next year but the question is will they generate more total taxes or less total taxes over the long term! In other words Prop 40 was a one shot 5% tax on Billionaires but if the Billionaires move out of California for say 10 years how much did they lose in total taxes paid? They could just move out of the USA!
And that is all I’m going to say about that!





















































































































































