@GoodTaxTakes

If the wealth tax passes expect that gold line next to CA to get a lot longer.

California corporations pay a flat tax rate — meaning our small businesses pay the same rate as the state’s most profitable companies. That makes no sense. As Governor, I’ll lower costs for Californians and put thousands back in your pocket by having the most profitable corporations pay a little bit more in their most profitable years.

The wealth tax is an idea so bad and stupid that 9 countries in Europe abandoned it. Via NPR…

This idea is silly. Progressivity is a meaningless concept for business entities. Owners/workers ultimately bear the burden of the tax, most of which have various levels of income unrelated to the profitability of the business.

California will be bankrupt by 2030. If you’re expecting a state pension, it is at risk. If you don’t believe it, check Grok or Gemini and explore how California politicians changed the reporting rules on your pension so they could hide how underwater it is. The middle class citizens of California will soon be asked to pay a huge price to bail out the state. Why them? Because that is where most of the wealth of California resides. It’s easy to single out “billionaires” but there aren’t many of them and they can and will all leave before the bottom falls out. They are leaving in droves already. The mismanagement in California is biblical - and the scale is huge because it’s the world’s 4th largest economy. California politicians and their henchmen are now entering the coverup phase where they can no longer hide their financial incompetence so they are taking from average California residents to try and hide what they’ve done: You will soon see ballot initiatives with fancy tiles like “billionaire tax”. But those are lies. They are mechanisms to tax everything, every way: Excise taxes Wealth taxes Private property confiscation It’s all happening now. If you want to preserve California, you will need to stand up because California has become a kleptocracy.

The great migration from California to Texas tells you everything you need to know about taxation and human action. Since 2010, over 700,000 Californians have fled to Texas. They brought $36 billion in adjusted gross income with them. Why? California's top marginal rate hits 13.3% while Texas charges zero state income tax. Add California's 10.75% sales tax, $4.30 gas tax per gallon, and property taxes on steroids, and you get a textbook case of capital flight. The productive class votes with their feet when government becomes parasitic. And the results speak volumes. Texas created 1.8 million jobs between 2009-2019 while California managed 1.3 million despite having 10 million more residents. Tesla moved from Fremont to Austin. Oracle ditched Silicon Valley for Texas. Hewlett-Packard Enterprise followed suit. These aren't coincidences—they're rational responses to confiscatory taxation. Every entrepreneur who relocates takes jobs, tax revenue, and innovation away from the high-tax jurisdiction. California politicians then scratch their heads wondering why their budget runs perpetual deficits. Ludwig von Mises explained that capital flows toward environments where entrepreneurs can keep more of what they create. Government spending crowds out private investment dollar for dollar. California spends $175 billion annually yet still has the nation's highest poverty rate when adjusted for cost of living. Texas spends $60 billion less (with 75% of California's population) and maintains higher median household income growth. The tax-and-spend crowd claims California's services justify the extraction. Yet San Francisco's streets overflow with human waste while Austin's infrastructure improves yearly. High taxes don't buy you better government—they buy you more government, which means less prosperity for everyone except the political class who skims off the top. New York is next.

JUST IN: NASA announces $20 billion plan to build permanent moon base

"How are you getting the $700M to make the buses free?" "Through the raising of the state's corporate tax." "But [Gov. Hochul] said no." "The most important fact is that we fund it not the question of how we do it."

Landlords and private equity firms mysteriously decide to be less greedy in the cities where developers can build more homes easily