There is nothing more truly absurd than a wealth tax. to be practical, everyone on earth is an asset that can be capitalized and of course so can every acre of swamp or tree. It is never cash. extracting from the rich can only result in forced sales at pennies on what a creative buyer will pay.
understand that a slave is worth nothing, but a motivated worker funds everything.
my point is that wealth as value is not based on produced income except indirectly usually after real investment and effort. a gorgeous mansion is only valuable if it attracts a top earner.
Professors Behind California's Wealth Tax Threaten Possible Legal Action Against Critics
David Gamage from the University of Missouri, Brian Galle and Emmanuel Saez from UC Berkeley, and Darien Shanske from UC Davis claimed that the public criticism violated anti-doxxing laws by sharing contact information. They are clearly wrong. One of the aggrieved professors, Brian Galle, teaches at Berkeley Law School called Lucas "a clown," but insisted that sharing public information is unlawful.
Attorney Catha Worthman sent the letter, but has reportedly refused to respond to inquiries after attorneys for the Alliance Defending Freedom (ADF) pushed back on her legal claims and those of her clients.
I have long been a critic of such wealth taxes, specifically California's Billionaire Tax, as economically moronic and legally questionable. The proposal has already cost the state trillions in lost wealth as wealthy taxpayers have fled, taking their businesses and jobs with them.
As I discuss in Rage and the Republic, these wealth taxes have a terrible track record and, on the federal level, face serious constitutional challenges. In California, the drafters included a retroactive clause that can also be challenged.
One of the four professors - who Lucas referred to as "the looter dream team" - destroyed the claims of many supporters that this is just a one-time tax. Some of us have written that this is simply the first salvo. Once they succeed in targeting billionaires, the same measure will likely be used for those in lower tax brackets.
In a recent debate, Berkeley professor Emmanuel Saez admitted that he could not seriously claim this would be a one-time tax, as many in the public have asserted. He said they would have to wait to see if it passes, but it is likely to be repeated, and noted that there may also be a federal wealth tax on the way.
He said:
"I don't think it's going to be a one-time tax...because you can't surprise billionaires more than once.
Even then, you know, maybe some of them were expecting something like this.
So it's going to be a debate about this time, you know, a permanent wealth tax at a low rate that's going to last for a number of years."
Saez has publicly taunted the wealthy who are fleeing the state:
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