Ep. 399: Will Wealth Tax Wreck the Economy?

You may have seen news reports that California is facing something called “outmigration,” in which residents – including some of that state’s most wealthy – are picking up and moving to greener pastures in states not dedicated to taxing them to death. California’s billionaires are most recently eyeing a ballot measure to be voted on this November that would essentially serve as a 5% excise tax for the crime of being billionaires. This has led to many of the state’s prominent entrepreneurs like Google’s Sergey Brin, Meta’s Mark Zuckerberg, and Paypal’s Peter Thiel to make their objections known with their feet and their moving trucks. But what if a federal wealth tax were imposed, like the one recently introduced by Sen. Bernie Sanders and Rep. Ro Khanna, and there was nowhere to run? And, given how much these individuals give to philanthropy – for better or worse – what would happen to that giving if Sanders and Khanna were to succeed? Joining us to discuss is Andrew Wilford, Director of State Policy at the National Taxpayer Union Foundation, who has been writing about the possible calamities surrounding a wealth tax for many years. California Wealth Tax Proposal Achieves a New Feat in Tax Policy: Losing the State Money Before It Even Becomes LawThe Wealth Tax's Impact on Private CharitiesBernie Sanders’s Radical Wealth TaxBig Labor’s bid to kill its Golden State