Following California’s proposal of a new tax targeting affluent citizens, social media is abuzz with condemnations and reports of wealthy investors fleeing or plotting their exit from the state, where they helped drive phenomenal economic growth and prosperity.
New York City is also expected to see a new round of economic refugees leaving as a socialist mayor takes over.
As it stands now, the California proposal aims to hit wealthy individuals with a 5% tax on unrealized gains, with the confiscatory policy becoming retroactive for individuals who left in 2025 or those who leave in the coming months. Taxes in California are already among the highest in the country…