Californias billionaire tax is dead but the states paid a staggering price

The “billionaire tax” is officially dead.Voters rejected Proposition 40 by a wide margin, restoring hope for common-sense governance in the Golden State.This was a victory for economic growth, and jobs, and investment in the future.The United States has never had a wealth tax that would allow the government to seize what people had saved.

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By clicking above you agree to the Terms of Use and Privacy Policy.Never miss a story Proposition 40 would have been the first.

And it would have destroyed the startup culture that has made California’s economy the envy of the world.Voters understood that entrepreneurs would leave the state if Proposition 40 passed.Or they would sell their companies to pay the tax, sending stocks into freefall.As it is, Proposition 40 did plenty of damage simply by qualifying for the ballot.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!At least seven billionaires had already left the state by Election Day, with combined wealth of more than half a trillion dollars.That’s wealth that could have been put to productive use in California. Investors were spooked, and some remain wary of California.

They know that union boss Dave Regan and other left-wing activists will try again. So will Gavin Newsom.He opposed Proposition 40 — but backed a national billionaire tax.

Look out, America.Developer Rick Caruso — who is leading the revival of Pacific Palisades — considered leaving because of Proposition 40, he told the California Post.We cannot afford to lose builders, philanthropists, and civic leaders like him.It is good to see some...