California’s desire for increasing taxes on the rich would backfire
The Washington Post’s editorial board warned against California’s tendency towards aggressive taxation against the state’s ultra-wealthy. The editorial board warned that if these additional taxes are imposed, the desire for California’s billionaires to leave will increase. The board pointed to historic precedence, where an increase of taxes on California’s wealthy led to some leaving and to others reducing their taxable income.
From Fox News:
The Washington Post’s editorial board is warning California that aggressive new taxes on the ultra-wealthy could backfire by driving billionaires out of the state.
In an editorial published Thursday titled, “California will miss billionaires when they’re gone,” the Post’s editorial board argued that the state risks serious economic consequences by pushing wealthy residents away.
The board compared California’s tax approach to teenage boys using cologne, arguing that while some taxation is necessary, too much quickly becomes counterproductive.
“Some [taxes] are necessary to pay for public services, but government eventually reaches the point of diminishing returns — then passes it into repulsion,” the board wrote.
The editorial noted that when California voted years ago to raise tax rates on high-income households, many top earners began leaving the state or reducing their taxable income.
Despite the exodus, a proposed ballot initiative could appear in November that would impose a 5% wealth tax on the state’s billionaires.
Regarding the move to increase taxes, the Post praised the state’s current Democratic governor, noting, “Gov. Gavin Newsom (D) opposes the wealth tax because he understands it would kill the Golden State’s golden goose.”The Post editorial board reported that several billionaires are already looking to leave California ahead of that possibility, including Google cofounder Larry Page and Palantir cofounder Peter Thiel.
The board warned that California’s tax system is already heavily focused at the top, making the state vulnerable if wealthy residents relocate. It cited a 2024 study that found previous tax hikes wiped out nearly half of the expected revenue within a year, as high earners moved away or adjusted their taxable income.
Additional Reading:
Colombo, M. (2026, January 2). California will regret billionaire exodus, Washington Post editorial warns. Fox News. Link.
Editorial Board. (2026, January 1). California will miss billionaires when they’re gone. The Washington Post. Link.
Category: "Teh Stoopid", Democrats, Society
Ahhhh, the great shithole of California.
Except it is not. If it was, people would not be willing to pay more than $1,000,000.00 for a two bedroom to live here.
Most of you brainwashed twits live in literal shtihole counties and states while regurgitating bullshit you hear on your satellite TV “News” channels because you are so fucking stupid you vote for people that won’t even give you the same broadband internet found in most of the rest of the world.
Texas is ranked 50th out of 50 states in personal freedom. Yet you brainwashed drones never call Texas a “shithole”.
Houses cost so much in Cali because of over regulation, and high population density just to name a few. As far as freedom, you got that all ASS BACKWARDS. It took about 5 whole minutes to debunk your bullshit. According to:
https://worldpopulationreview.com/state-rankings/most-free-states
It lists your precious Commie-fornia 48th, Texas 21st, and Florida 2nd.
And what is the map below? The Cato Institute for 2023 (most recently completed) has Cali 48th, Texas 17th and Florida 2nd.
Don’t go posting facts and links around here that contradict what the all-knowing Commissar has proclaimed. You know his random stats must always trump real facts.
If I was gonna tell a lie, “Texas is 50th out of 50 states in personal freedom” wouldn’t even make the list. Not even a plausible lie.
Welcome back my Conservative friend, I miss your socialist Shtick act
The really sad part about paying such high taxes and fees in California is California educated social betters, such as you, have an inability the live without the state’s help. Not every Californian wants to live within the warmth of the collective. If your point is to project the educated elite of California, you have failed.
Dude. You bragged about handing a suitcase of cash to our enemies overseas and shaking their hands, then you admitted here you chuck bricks with Antifa.
You’re a fucking traitor. No one cares what you think. Oxygen thief. Get fucked.
Chuck bricks? You misspelled suck dicks.
I still think it is hilarious he touted himself as a UCB douche for so long, only to find out his useless, jobless ass dropped out.
Fucking pathetic.
“If it was, people would not be willing to pay more than $1,000,000.00 for a two bedroom to live here.”
That is quite possibly the most brain-dead, indoctrinated statements your tiny terrorist-supporting head has ever made. People are not “willing” to pay that, they are “forced to” in order to live and work in your rapidly emptying state.
I’d love to know who is doing that “ranking” you speak of, as well as your definition of “freedom”.
And on the subject of broadband internet, where’s all that free broadband that Liberal Joe promised, the taxpayers paid billions for, and wasn’t delivered?
Try harder, you suck at defending California. You’re dismissed.
So Texas ranks low because they actually enforce laws, don’t like “cannabis”, have few casinos and require fingerprints on DLs.
Oh, the horror…..
“Cato’s analysis pointed out that Texas’ criminal justice policies are generally aggressive” and that its “cannabis laws are not only harsh; they are the worst in the country.
The Cato analysis also spotlights the state’s restrictions on gambling as well as requiring fingerprints for driver’s licenses.”
My point wasn’t to pick on Texas, but was to point out to Comrade Numb Nutz that Texas was definitely NOT 50th. If I HAD to live somewhere that wasn’t Florida, I’d live in Texas.
“Texas is ranked 50th out of 50 states in personal freedom.”
By who?
Probably the California Chamber of Commerce, trying to stem the flow of “refugees”.
If people are “willing” to pay a million, why di they complain about HAVING to pay a million?
Having lived in, or having family in, both states I fail to see how California is “freer” than Texas. What freedoms does California have that Texas does not? Please list some.
Lack of broadband? Didn’t know the state supplied that; Texas is on the free enterprise system and generally when there is consumer demand, things get done. I’m two hours from a major metroplex and have fiber-optic access.
Small observation – if, in the unlikely event you ever DO comment without the constant f-bombs, you will sound a bit less infantile. Have a nice day.
He’s talking out his ass and making shit up. I’m convinced if he isn’t genuinely mentally ill or unstable, he’s got a case of Walz Disease.
So sayeth the resident domestic terrorist.
Go eat a bag of dicks fuckwit.
I’m remembering something my dad used to say, something about biting the hand that feeds you…
These pieces of shit don’t feed anyone. They only take.
Most have literally never created anything. Just took credit for other people’s work and stole publicly funded research and tech.
You have no fucking clue how our political economy works.
And you have no idea how fraudulently most of these billionaires “made” their money.
It is a house of cards built on lies, false
promises, futurist grift, fraudulent accounting and corruptly gained government “investment”.
And they don’t pay taxes because they don’t earn money. They live extravagant lives against leveraged “wealth” using their inflated holdings to secure loans that they will never pay back when their house of cards collapses and banks – and the public – foot the bill.
He hates Larry Ellison and Elon Musk because they are takers but will praise government efficiency and oversight as some ham-n-egger exposed millions of dollars being stolen out if public coffers by his precious Somali’s Daycare Mafia scams in Mogi-apolis
So, when every one of these “takers” leaves the state, along with their money, you won’t have any concerns, since they don’t contribute to the tax base? Good luck finding someone else to fund your headlong rush to economic failure while providing free stuff to non-citizens. Enjoy bankruptcy as a state.
Domestic terrorist detected — opinion rejected.
They’re going to “take” their business, employees, taxes, the whole shitaree and go elsewhere. Come back and brag about your economy then.
“…secure loans that they will never pay back “
Sounds good to me. Perhaps you can share that knowledge with the rest of us peasants. I would sure like to spend my “Golden Years” a bit more comfortably.
“It is a house of cards built on lies, false
promises, futurist grift, fraudulent accounting and corruptly gained government “investment”.”
I didn’t know we were talking about Paul and Nancy Pelosi.
Like your illegal alien buddies? They only send home 10% of Mexican GNP.
“It is a house of cards built on lies, false
promises, futurist grift, fraudulent accounting and corruptly gained government “investment”.”
And headed up by Gavin Newsome.
No. It won’t.
The pathetic mass simpish submission to oligarchs by people like you is part of the problem.
These fucks are taking far more than they are giving back and most have not done a god damn thing for this country except take, take, take… not just public wealth, but influence, our voice, our privacy…and every single one of these pieces of shit have taken credit for other people’s work or outright fucking stole it.
So fuck these fucks. Even in Silicon Valley these pieces of shit are despised by the majority of people in the industry.
That is why so many of them avoid public spaces except in controlled engagements with guest lists and security.
People overwhelmingly want them out of this fucking state and this country.
Look up “Dark Enlightenment” and see what these malignant fucks have planned for this country. And the West.
Hahaha…
Somebody’s little RED panties got twisted into a knot. Who’s going to fund the United Soviet Socialist Republic at California (USSR-C) when all the businesses are gone?
The local drugstore must be closed today and Commissar can’t get his meds.
Or his tampons.
Too bad he’s not in Wisconsin.
He’s feeling empowered because NYC elected a communist. Still hasn’t realized he’s a useful idiot.
How generous of you to include the word “useful”.
Useful… for now.
I saw a photo of Mandami being sworn in with his
admirers Bernie Sanders and the fake Indian,
Liz Warren. Sickening.
A communist radical Islamist at that.
Commissar and his ilk are so happy.
Domestic terrorist detected — opinion rejected.
Dude, just go ahead and move to NYC. Cost of living is about the same, quality of life is about the same, ‘diversity’ is off the charts and they just got the Commie Jihadi mayor they deserve. It’s sure to be Lefty Utopia in less than 6 months
Lars, I’m concerned about you. Your posts are taking on a more hostile tone each time you come here.
I seriously think you should think about seeking help. You are not sounding as rational as you did just a few years ago.
I’m not joking here. I really think you may need some help.
Don’t they all?
He’s way past help.
He can’t defend any statement he makes, hates this country, and openly endorses violence.
You must be a real joy to work with. A real hit at office parties. And singles bars.
That might be an accurate statement if he:
1. Had a job
2. Had friends
3. Had number 1 so he could have the money to spend at the bars I’m quite sure he has already been banned from.
Just to remind you, dumbass, the Washington Post is on your side of the political fence. You know, how you and they were lamenting how “Democracy dies in darkness” during Trump’s 1st term. I’d imagine if they are saying this, folk like you would pay attention, but turns out there’s a bubble for your bubble. Oh, hey look! A bird!
Wow: when you’ve lost WAPO…
Many people don’t realize this but a wealth tax isn’t just an income tax but realizes the commies’ dream of taxing “wealth” in all its various forms. Your california house is valued at xxxx, give up five percent. Your investment portfolio has an unrealized gains value of xxxx? Give up five percent of that hypothetical value, even though you haven’t sold a single share and it could tank tomorrow.
Here’s the catch: if I have a jabillion dollars* of “wealth” but only a small chunk of disposable cash, I have to sell my assets just to generate the cash to pay the tax burden. And then pay taxes on the sales of assets to pay the original tax burden. Sweet!
As I understand it, it is five years of one percent taxes, not five percent in one year. Good job chasing anyone with money away from your failed state, Grabbin Nuisaome.
*jabillion: valuation of money when seen as nothing but an asset for libs to strip value from in a recurrring basis.
So if I have unrealized assets of one million, and I have to pay tax on that, will I get a refund if the value of my unrealized assets drops? Nope. I just get taxed on the new value. I’m no economist, but somehow, taxing money that only exists in theory seems like a bad idea. Why would any rationally thinking person want to start a business, invest in a business, or even buy a house with that hanging over their heads? Lars has never had anything resembling an asset, he just wants his cut of everyone else’s.
“Why would anyone … buy a house?” The Commissar promised you the opportunity for a two bedroom shack for a cool $1m. Right next door to another 2BR with 27 “migrants” (yea, illegal ones) living in it. California Dreamin! What’s the catch? Next year you get to pay both property tax and an additional wealth tax… But the wealth taxes is just for billionaires!! Oh, that’s just for now; that reparations fund ain’t filling itself up.
If you want to see some seriously fucked-up real estate prices, point Zillow at Teton County Wyoming and Teton County Idaho. Californication at its finest.
It isn’t even unrealized gains. Whether you make money or lose money they want to tax whatever they think you have. That really is some third world stuff.
You mean we don’t get to tell the tax assessor the value of our homes? Like Trump did? /S/
The fact that Californians have to have this explained to them as if they’re in elementary school is encouraging.
When you reward something (say…”homelessness”…for example) you get more of it.
When you punish something (being rich and successful comes to mind as a for instance) you get less of it.
I could have explained that to them when I was 9 or 10.
Here’s the thing: once a ballot initiative like that makes it to the ballot once, it’s going to happen over and over again until it passes. Greedy, envious people rarely just say “oh well, it was a nice try” after they fail the first time.
It would behoove rich people to GTFO of California now even if it fails (this time). Heck, future versions, learning from the first try, may just make it retroactive and tax any wealth that people had in the state on a certain date, to be sure to catch all the people who sold out and fled the state. Better to get out now while they still have the chance.
And the even worse thing: Once they chase all the successful people out of the state, and it descends even further into a dystopian hell-hole, the rats fleeing the sinking ship will transform from the flood it is today to a tsunami; the same rats that have to have basic economics explained to them like they’re in the 5th grade…coming soon to a state near you – and they’ll be casting votes and proposing ballot initiatives in your localities.
That’ll be fun.
The above is from the post by Commissar.
Notice the rendering: us “brainwashed twits” living in “shithole states” vote for people who “won’t give us…”
Listen Commissar, I don’t vote for people to “give me” anything. I assume responsibility for my own life, and I will have the level of internet service I want and am willing to pay for.
I will not stand in from of my state government with my hat in my hand saying “please give me…”.
California has been replacing taxpayers with generational welfare recipients for years with entirely predictable results.
Let’s see, Oracle and Tesla have fled the state, oil refineries are shutting down left and right and even Budweiser, doubtless still smarting after the Bud Lite fiasco, is leaving Cali for greener pastures.
Gas at a Mom&Pops here in Flo-ri-duh today was around $2.40 a gallon. I pay a performance tax on hi-test but that’s by choice. AAA has California’s average price at the pump at $4.27 and it’s only going to get worse come Summer.
Just in time for the mid-term elections. It’s the economy, stupid.
I fled the state after one year of working for a major military
industrial contractor.
I doubt they are still there unless it’s all part of the MIC and
associated political reasons.
The one I worked for was based in Concord.
I’ll never forget when California proposed taxing millionaires even AFTER they moved (as in, continuously… not a one time deal) with the excuse of “well, if they got rich here they owe us.”
Total dumbass fucking logic. Reminds me when they tried to tax me for a couple years after I finished a contract with a CA based company. I called to tell them “Yo, I don’t work for them anymore and I don’t live there. Never have. Fuck off.” The dude on the line with me actually said “Well, technically we can still tax you.” HAHAHAH ((click))
A once beautiful state. Ruined.
I’m just waiting to hear all the Hollywood billionaire elitist lose their shit once Newsomes tax plan aims in on them for their money.
Oh the rich say they will leave. But when the tax passes they just grumble and pay up.
Massachusetts passed a tax on the wealthy and no one moved out of state and since the tax more millionaires have moved into the state.