POLITICS: Economists Raise Alarm on California Wealth Tax

Economists Try to Save Californians from Themselves

A coalition of more than 130 economists is urging voters to reject a destructive wealth tax.

POLITICS: Economists raise alarm on California wealth tax

There is wide opposition to Proposition 40, the “billionaire tax,” among economists, both Democrat and Republican. Last week, I led a group of over 100 economists — including Nobel Laureates, former senior government officials and academics — in signing a letter opposing Proposition 40. The economists, who were already on the record against the tax, believe it’s simply bad public policy. Some worked during Bill Clinton’s administration; some wor…

Economists raise alarm on California wealth tax — more than 100 sign letter against it

Similar wealth taxes have been adopted by about a dozen countries in the past few decades, and nearly all of them have been abandoned for a similar list of reasons.

California’s Wealth Confiscation Tax Won’t Be Temporary

We hope and pray that Californians have the wisdom to vote down the “one-time” 5% wealth tax on people with holdings that top $1 billion. The voters should remember what the New York Times sagely warned about the income tax in 1909: “When men once get in the habit of helping themselves to the property of others they are not easily cured of it.” One of the architects of the tax, Allen Prohofsky, has just told Bloomberg News: “I don’t trust them w…