Bad luck, lefties: Even if your dumb wealth tax passes, billionaires will kill it in court

“Don’t tax you, don’t tax me, tax that fellow behind the tree,” is how a U.S.senator once described ideal tax policy.

In California and elsewhere, the most unpopular taxes are the ones most people see, like the gas tax and property taxes.The only popular taxes are the ones paid by someone else.So Proposition 40 — the “billionaire tax” — and its first-in-the-country wealth tax should be very popular, since only 200 people would pay it.

But the polling has it struggling.The biggest news, opinion and culture shaping California right now.

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Never miss a story If the goal is to tax the rich, a wealth tax is a bad way to do it.Taxes on the wealthy can cause “fire sales” and job losses.Moreover, “temporary” or “one-time” taxes on a few often become permanent taxes on all.

And countries like France and Sweden that tried a wealth tax have repealed it.Beyond that, most Californians think policy shouldn’t aim to tear some people down but instead focus on a rising tide lifting all boats.California Post News: Facebook, Instagram, TikTok, X, YouTube, WhatsApp, LinkedInCalifornia Post Sports Facebook, Instagram, TikTok, YouTube, XCalifornia Post Opinion California Post Newsletters: Sign up here!California Post App: Download here!Home delivery: Sign up here!Page Six Hollywood: Sign up here!Another reason California voters should be wary of Proposition 40 is because it will lose in court.

Here are six reasons why, and this list isn’t even exhaustive.First, the tax is retroactive.It would apply to any billionaire residing in California on January 1, 2026, which is in the past.

Sometimes tax effective dates can be retroactive, but not new taxes, and not without fair notice to those who might be affected.The sponsors could allow the date to be rewritten.

But voters don’t know what the effective ...