California Democrats endorse a self-destructive 'billionaire tax'
The California Democratic Party is continuing its economic destruction of the state, driving taxpayers out while ramping up spending year after year.
TL;DR
- California Democrats officially endorsed a union-promoted billionaire tax for the upcoming ballot.
- The tax proposes a 5% levy on each billionaire in the state.
- Some billionaires have already relocated to avoid the tax, impacting projected revenue significantly.
- The Hoover Institution projects a net loss of $25 billion in tax revenue for California due to this tax.
- Critics argue the tax's legality is dubious and that it reflects the Democrats' tendency to increase spending and taxes.