California’s wacko wealth tax
The article critiques a proposed wealth tax for California billionaires, arguing it undermines the principles of free-market capitalism. It highlights the negative impact such taxes could have on innovation and investment, drawing on examples from European countries that repealed similar taxes. The author advocates for policies that promote economic growth rather than punitive taxation.
- ▪Two left-wing economists support a proposed 5% wealth tax for California billionaires.
- ▪Wealth taxes are argued to discourage hard work, innovation, and entrepreneurship.
- ▪Historical examples from Europe show that wealth taxes often generate less revenue and drive away high-income residents.
Opening excerpt (first ~120 words) tap to expand
The United States is about liberty and opportunity. Free-market capitalism bound to the rule of law is the foundation of the strongest economy in the world. But from time to time, left-wing politicians and academics forget what makes America great. Instead, they propose policies that would undermine the foundations of the economy and the freedom to pursue one’s dreams. Just a few days ago, two prominent left-wing economists, Emmanuel Saez and Gabriel Zucman, wrote an opinion piece for the New York Times supporting a November state ballot measure that would introduce a “one-time” 5% wealth tax for California billionaires. Unfortunately, the economists fail to grasp a basic economic principle: Incentives matter.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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