California Is Chasing Wealth That Has Feet
In short
California is considering a wealth tax for its billionaires to raise $20 billion annually, but the tax will be ineffective due to wealth mobility. A land value tax, with a lower rate of 0.25%, is seen as a more equitable and effective alternative.
Key points
- California is exploring a wealth tax for its billionaires to raise $20 billion annually.: California is exploring a wealth tax for its billionaires to raise $20 billion annually.
- The tax will be ineffective due to wealth mobility.: The tax will be ineffective due to wealth mobility.
- A land value tax, with a lower rate of 0.25%, is seen as a more equitable and effective a…: A land value tax, with a lower rate of 0.25%, is seen as a more equitable and effective alternative.