California has a new plan to tax the super rich. Will it drive them out?
Nicholas Goldberg | Aug. 7, 20203 AMMore than a third of California’s 39 million residents are living at or near the poverty line, many of them lacking food security or decent housing or adequate healthcare. More than 150,000 are homeless. Adjusted for the cost of living, California has the highest poverty rate in the country.
But California also has more people on the Forbes 400 list of richest Americans than any other state. It has 165 billionaires and more than 80,000 tax filers with adjusted gross incomes over $1 million. . . .
https://www.latimes.com/opinion/story/2020-08-07/raise-the-taxes-of-the-super-rich
The greed of liberals is never satisfied. And this liberal here is betting that California's billionaires won't flee the State over it. But there is a huge difference between a billionaire who no longer works (i.e. no longer generates an income) and someone generating income to become a billionaire. In their class envy world, they are punishing those working hard to become billionaires while giving a free pass to those who have already made it. Typical progressive BS.
Instead, they should cut $80 billion from their education budget since their teachers already refuse to teach anyway. They already rank 50th in education.
