Suffering from Success
(media.scored.co)
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A wealth tax would get a lot of people moving for tax purposes. People who make their money and are thus doomed to paying California taxes on it might legally reside there now, but if you tax their wealth they may decide to domicile elsewhere. You can take the wealth with you.
You have to be careful- california may implement an exit tax (same as the US government does if you try to leave)
It would be safer to get out now!
well not me, I'm already gone, but my uncle did that in anticipation of retiring. There were a bunch of taxes he was going to have to pay, is my understanding, that he avoided by helping to ruin Washington. (joking, sort of)