No one is safe from a wealth tax
No matter how many jurisdictions discover the hard way that wealth taxes backfire, in California an initiative is collecting signatures to put a “one-time” (ha!) 5 percent tax on the net worth of the state’s roughly 200 billionaires on November’s ballot. Hey, those guys are rich. They won’t even notice. But the funny thing about people and money is that even folks with lots like to keep it. The 2026 Billionaire Tax Act is slyly retroactive, a variety of pre-crime legislation – applying to anyone resident in California on 1 January this year, looping a bungee cord around the ankles of would-be absconders. Thus billionaires such as Peter Thiel scrambled