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I get that it’s good populist fun to stick it to the wealthy, but the Berkeley economist’s wealth tax will just drive businesses and the wealthy out of California. It would have been smarter to reach down, taxing the wealth of those starting at the $50 mms./$100 mms. level.
Interesting question…who gets to decide who’s a California resident for purposes of the tax? The Franchise Tax Board, California’s very own little IRS.
I liked Newsom’s original take: that a wealth tax should be a national tax, not a state tax, and that it’s too easy for billionaires to flee. San Jose Mayor/tech entrepreneur/gubernatorial candidate Matt Mahan feels the same way. And frankly, it is unsophisticated to believe that very wealthy people won’t move. Personally, I’m worried that the next level down folks will move as well. Let’s face it, the billionaire tax (a) won’t be temporary, and (b) won’t raise enough revenue, so they’ll need to hit the next level down…even if that’s not actually the case, the threat of taxing the wealth of the next level down, combined with the existing high income tax rates, are enough to motivate the wealthy to move. I know two men quite well who both relocated to Texas some years back for this exact reason.
How would the California ‘billionaire tax’ really work? We break it down
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Washington is on the verge of passing a millionaires tax. This is 9.9% tax, triggered when income exceeds $1M.
Sounds good to the plebeians. Soak the rich! As written, it will affect many small LLCs taxed as S Corps. The WSSC, with a wink and a nod overturned 90 years of precedent when it ruled capital gains was not income but was based on the sale of an asset. Some are speculating labor will considered an asset sold for wages received, basically catching all wage earners in a large tax net.
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https://nltimes.nl/2026/02/13/dutch-parliament-greenlights-new-box-3-tax-set-take-effect-2028
This all sounds insane, but the Dutch have an already existing tax on assumed returns from various forms of asset ownership.
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