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Whatever you think of a federal wealth tax, the debate has always meaningfully hinged on whether it causes capital flight. The people who would pay the bulk of this tax already have secondary residences in their favorite places, and they've been working remotely for months now.
California has a very challenging needle to thread with its massive anticipated budget shortfalls and already exceptionally high state taxes. I see massive federal bailouts in the future.
An exercise for the reader: look at this list of the wealthiest Californians, calculate their annual obligations under a 0.4% wealth tax, and think about how many of them run companies that're already widely geographically distributed & increasingly remotehttps://www.google.com/amp/s/www.forbes.com/sites/angelauyeung/2020/04/07/with-more-billionaires-than-most-countries-californias-richest-attempt-to-step-up-to-fight-the-coronavirus/amp/ …
why do you expect federal bailouts?
California shouldn't have a single bailout so long as they have Prop 13. The rest of the country shouldn't be on the hook so California's landed millionaires can keep not paying taxes
"I see massive federal bailouts in the future." I don't.
How much does pensioner flight to other states impact this? How severely will unfunded liabilities diminish resources?
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