CA Dems' Wealth Tax Is a Vengeance Policy Against Those Who've Left the State

California is undoubtedly solidifying its status as a deep blue hellhole, pushing a new tax policy that punishes the job-creating and investing class and those who have already left the state for better pastures. The state that can’t get a high-speed rail project completed on time and is under budget is asking for more money because Sacramento has been such a crackerjack operation when it comes to managing the state’s finances. The Golden State is just the west coast version of New Jersey—deep blue, infested with Democrats, and addicted to tax-and-spend policies. 

There’s a reason why billionaire entrepreneurs won’t do business in California—its job environment is a job killer. Even ardent liberals like Bill Maher have commented about the state’s penchant for covering every aspect of life in red tape. It took years for the comedian’s solar shack to get approved; it’s no bigger than a portable bathroom. And now we have this new wealth tax that won’t do anything because Democrats have tried this before—the rich don’t opulently spend on things like sailboats and private jets. It’s not, nor has it ever been, a sustainable tax system. Worse, it seeks to inflict vengeance on those who left the state, an exit tax on steroids (via Fox News): 

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024. 

As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.