Comment by kelnos
2 days ago
I don't think that makes sense. The wealth tax, as written affects a pretty small percentage of "rich people". Most "rich people" will not pay a wealth tax.
So sure, let's say for the sake of your argument that everyone who would be subject to the wealth tax moves away. That won't move the needle when it comes to housing affordability in California.
So, ok, change the wealth tax so it applies to a lot more people. Ok, so maybe more people leave. Do you really think driving people with money out of your state will actually be good for you and the state? That's just not how economics works.
> Do you really think driving people with money out of your state will actually be good for you and the state?
If your state is selling 500sqft condos for $3,000 a month, then yes, it probably would increase the average quality-of-life for that state's residents.
Wealthy people won’t be driven out of the state. There is a reason why California, Washington, Oregon and the northeastern United States are doing well in comparison to the great middle it’s the total package.
Geography, post-secondary education, relative openness/acceptance/tolerance towards people who are different, religion, race, ethnic group etc.
The best decision my parents made was leaving Tennessee and Texas and coming to California thank you.