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Will ‘Billionaire Tax’ Be Death Knell
For California’s Troubled Economy?

Original Article

Posted By: RockyTCB, 1/27/2023 5:47:08 AM

These days, it’s hard to keep up with the once-upon-a-time Golden State’s foolish policies. They come in such number and profusion, you can’t even track them all. That’s why the one-party state’s latest tax proposal is such an attention-getter: It would damage the state’s economy, perhaps beyond repair. The proposal is, as a matter of economics, foolish beyond belief. In brief, the Democrats who have taken over the state now propose a “wealth tax” on the richest Californians, who are already fleeing the increasingly socialist state in alarming numbers.

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Reply 1 - Posted by: PChristopher 1/27/2023 6:35:00 AM (No. 1388328)
Democrats are a cancer that eats away at all facets of society and they don't care if they kill the host Next they'll want to yax anyone who's ever heard of California. Their statehood should be suspended, the Democrat party should be broken up, it's leaders charged under RICO, and the state put into receivership until they can prove themselves capable of running the state for the benefit of all citizens....not just the woke few.
7 people like this.

Reply 2 - Posted by: F15 Gork 1/27/2023 6:48:47 AM (No. 1388340)
President Newsom would do to America what he has done to Kalifornia.
13 people like this.

Reply 3 - Posted by: privateer 1/27/2023 7:19:53 AM (No. 1388355)
‘For far too long, we’ve allowed the successful to earn more money than the slackers and parasites do; politicians and insiders still get richer, but the middle class shrinks behind,’ Lee should have said Monday.
2 people like this.

Reply 4 - Posted by: Old Army Vet 1/27/2023 8:26:16 AM (No. 1388408)
Anything that Newsom, aka Pelosi, does to the state of Kalifornia is to the detriment of said state. I cannot believe that the citizens of that state keep electing that idiot as their leader. He is going to lead them right to the poorhouse.
6 people like this.

Reply 5 - Posted by: bad-hair 1/27/2023 8:58:21 AM (No. 1388438)
As goes Canada so goes California. I (and my education and wealth) moved out of Canada to Texas 25 years ago. I'm a proud American and maybe prouder Texan. California can replace their lost population with unskilled illegal immigrants if they wish.
6 people like this.

Reply 6 - Posted by: Dino Sayer 1/27/2023 9:56:02 AM (No. 1388496)
When billionaires leave, they will take their businesses and other investments with them. State income tax revenues will fall by 30% or more. Property and sales tax revenues will also crash. Millions will be out of work, and nobody will be investing in new businesses to hire them. The politics of envy always leads to the destruction of the economic fabric of society. Just the hint that this might happen has the richest Californians looking for a safe place to relocate. Texas is probably the easiest choice.
4 people like this.

Reply 7 - Posted by: snowoutlaw 1/27/2023 10:23:36 AM (No. 1388523)
With inflation at compounding10% in a few years everyone will be a Billionaire.
3 people like this.

Reply 8 - Posted by: MickTurn 1/27/2023 10:30:56 AM (No. 1388532)
Californication has NOTHING to offer but Communist Ideas. Time to abandon the Schifft Hole!
2 people like this.

Reply 9 - Posted by: paral04 1/27/2023 10:32:03 AM (No. 1388534)
Amusing thing here is that all the billionaires voted for the idiots in power there. So, as far as I am concerned they deserve what happens to them.
4 people like this.

Reply 10 - Posted by: enemyofthestate 1/27/2023 11:31:05 AM (No. 1388608)
Over seven years ago I moved out of Schiff's congressional district back to the red state I grew up in. And, no, I did not bring any "progressive" politics with me.
4 people like this.

Reply 11 - Posted by: janjan 1/27/2023 12:57:51 PM (No. 1388695)
The laughable idea that the rich would continue to pay taxes in California after they leave the State is a liberal fantasy.
1 person likes this.

Reply 12 - Posted by: Strike3 1/27/2023 1:18:31 PM (No. 1388717)
Yes. The death knell began when moving companies began to run out of trucks, vans and pull-behind trailers. The only reason more people haven't left is because they won't want to leave their stuff behind. I have friends who only went as far as Vegas but others went to Texas and other points South. California will be left with nothing but ex-hollywood stars, drug addicts and the homeless. Oh, and a whole horde of politicians whose careers abruptly ended without pensions.
1 person likes this.

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Posted by RockyTCB 1/27/2023 5:47:08 AM Post Reply
These days, it’s hard to keep up with the once-upon-a-time Golden State’s foolish policies. They come in such number and profusion, you can’t even track them all. That’s why the one-party state’s latest tax proposal is such an attention-getter: It would damage the state’s economy, perhaps beyond repair. The proposal is, as a matter of economics, foolish beyond belief. In brief, the Democrats who have taken over the state now propose a “wealth tax” on the richest Californians, who are already fleeing the increasingly socialist state in alarming numbers.
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