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>and that they can tax billionaires more without them simply leaving the state (because CA is magical and unique (it's the 4th largest economy in the world, don

>and that they can tax billionaires more without them simply leaving the state (because CA is magical and unique (it's the 4th largest economy in the world, don't you know!) and they'll come crawling back to be a part of it) more like because data from other wealth taxes has shown that millionaires don't leave that easily. If they are, they are replaced by others https://www.youtube.com/watch?v=6DXZMXZCY0I https://www.youtube.com/watch?v=6DXZMXZCY0I >People put ideology above the evidence in front of their eyes. It's funny that you're saying this while providing no proof that rich people leave from wealth taxes.

kadabra9 9mo ago
In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M tax revenue. Individuals with a net worth of $54B left the country, led to a $594M loss in tax revenue. https://citizenx.com/insights/norway-wealth-exodus/ https://citizenx.com/insights/norway-wealth-exodus/
- johnnyanmac 9mo ago
  Okay. And let's look at Norway'S GDP as a result https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=NO&start=2020 https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location... It fell, like much of the post COVID world. But somehow, I don't think that 600m tax opportunity cost contributed to 112 billion dollar drop in GDP. And then after that it basically stayed flat (rose by 1 billion, or.2% rise) So, not too convinced this is a net loss for society. Studies in New York (pre Mamdmi) show that more people will come in than leave if the area is desired enough. >https://www.governing.com/finance/taxing-millionaires-will-send-them-fleeing-not-so-much https://www.governing.com/finance/taxing-millionaires-will-s... Spoilers: turns out COVID causing impact to social life impacted emigration more than any wealth tax. Then after COVID things bounced back.
  - kadabra9 9mo ago
    I didn’t say the tax gap caused the drop in GDP. I did say the capital flight caused the tax to wildly underperform revenue estimates, which is objectively true. I love how this goes from “there’s no evidence wealthy move” to, when presented with evidence wealthy move, “well, ok, I’m not convinced this is a net loss for society” Keep moving those goalposts

kadabra9 9mo ago

In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M tax revenue. Individuals with a net worth of $54B left the country, led to a $594M loss in tax revenue. https://citizenx.com/insights/norway-wealth-exodus/ https://citizenx.com/insights/norway-wealth-exodus/

johnnyanmac 9mo ago
Okay. And let's look at Norway'S GDP as a result https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=NO&start=2020 https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location... It fell, like much of the post COVID world. But somehow, I don't think that 600m tax opportunity cost contributed to 112 billion dollar drop in GDP. And then after that it basically stayed flat (rose by 1 billion, or.2% rise) So, not too convinced this is a net loss for society. Studies in New York (pre Mamdmi) show that more people will come in than leave if the area is desired enough. >https://www.governing.com/finance/taxing-millionaires-will-send-them-fleeing-not-so-much https://www.governing.com/finance/taxing-millionaires-will-s... Spoilers: turns out COVID causing impact to social life impacted emigration more than any wealth tax. Then after COVID things bounced back.
- kadabra9 9mo ago
  I didn’t say the tax gap caused the drop in GDP. I did say the capital flight caused the tax to wildly underperform revenue estimates, which is objectively true. I love how this goes from “there’s no evidence wealthy move” to, when presented with evidence wealthy move, “well, ok, I’m not convinced this is a net loss for society” Keep moving those goalposts