California's Billionaire Tax Is a Very Bad Idea
Is the richest, most productive state in America about to shoot itself in the foot? Bradley argues that California's proposed 5% tax on assets over $1.1 billion is a losing bet that will hurt the very people it claims to help. When billionaires leave, he says, jobs will follow. And if the legislature gains the power to lower the threshold whenever it needs cash, today's billionaire tax becomes tomorrow's millionaire tax. Bradley proposes an entirely different path, based on the radical idea that the goal should actually be helping people, not feeding the political machine that claims to represent them.