Washington Post: California's Wealth Tax Is a Terrible Idea

<![CDATA[Last month a group of progressive academics introduced a plan to put a new wealth tax on the ballot. The initiative is aimed at billionaires who reside in California as of January 1, 2026. The tax isn't a standard income tax, it's a "one time" wealth tax which would take 5% of whatever the state's billionaires own as of the end of next year.]]>