Make Your Voice Heard on Capitol Hill
By Frank Luntz and Pat Soldano and recently published by The Orange County Register.
California is known as the state that punishes success. Its reputation now centers on unaffordable housing, citizens taxed to death, highest gasoline and energy prices in the nation and the best and brightest moving out.
Prop 40 known as the Billionaires Tax is up for a vote this November. It would take 5 percent of every billionaires net worth regardless of whether it was made in California. In the last year the state has lost at least 10 billionaires. The Hoover Institution and other research institutions calculate it will result in negative tax revenue of up to minus 25 billion over five years.
The Democratic Party endorsement squeaked by with roughly 61 percent support despite opposition from Governor Gavin Newsom, trade unions, medical groups and other fiscal voices. California already has the highest top marginal income tax rate in the nation.
New research shows 74 percent say wasteful spending is the biggest problem. European nations including France, Sweden, Germany, Denmark, Austria, Netherlands, Finland, Iceland and Luxembourg have all abolished wealth taxes after seeing shrinking tax bases.
Read the full article to see why this short term windfall could erode Californias long term golden goose. Click Here.
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