California Democrats are looking to impose a wealth tax on those who have moved out of
the state in an effort to raise funds for the budget.
The plan by California lawmakers will require high-earning individuals who have left the
state to pay a two percent levy on their shares of capital gains and other income above $1
million. It is estimated that such a plan would bring in around $7 billion annually, money
which could be used for job creation and infrastructure repairs—but at what cost?
No one can deny that the current economic situation of California needs some help,
mainly because Democrats have run the state into the ground. Tyranny seems to have no
borders, thanks to this proposed bill.
It would make more sense for California to lower taxes to bring businesses back but
instead, they’ve opted for revenge.
The revenge tax plan was launched by Assemblyman Alex Lee, a progressive Democrat.
The legislation would impose an extra annual 1.5% tax on those with a “worldwide net
worth” above $1 billion, starting as early as January 2024.
California isn’t the only state going after those who fled.
Other blue states like Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and
Washington are planning on doing the same.
“The working class has shouldered the tax burden for too long,” Lee wrote in a tweet. “The
ultra-rich are paying little to nothing by hoarding their wealth through assets. Time to end
During the pandemic blue states drove their communities and businesses into the ground.
According to a Forbes list nine out of ten states that have seen the most people leave
were blue states. Indiana was the only red state that saw a decline.
Of the states that saw the most growth, seven out of ten were red states. Delaware, Maine,
and Nevada all saw population increases after the pandemic. All three blue states boast
lower taxes and a lower cost of living than states like California or New York