From Fox News:
The Washington Post’s editorial board is warning California that aggressive new taxes on the ultra-wealthy could backfire by driving billionaires out of the state.
In an editorial published Thursday titled, “California will miss billionaires when they’re gone,” the Post’s editorial board argued that the state risks serious economic consequences by pushing wealthy residents away.
The board compared California’s tax approach to teenage boys using cologne, arguing that while some taxation is necessary, too much quickly becomes counterproductive.
The editorial pointed out that California’s tax system is already heavily focused at the top after the state voted to raise tax rates on high-income households years ago. Many residents in the category fled to other states or reduced their taxable income. Citing a 2024 study, the board noted that the tax hikes wiped out nearly half of the expected revenue within a year.
In November, Californians may face another initiative that would impose a 5% wealth tax on the state’s billionaires. Reliance on the wealthy sector of the state makes it vulnerable to the the decisions they make, the board said.
“Some [taxes] are necessary to pay for public services, but government eventually reaches the point of diminishing returns — then passes it into repulsion,” it wrote.
Legal analyst Jonathan Turley weighs in on the wealthy Californian exodus. In a post on X, he wrote, “As billionaires flee California to avoid a new wealth tax, https://jonathanturley.org/2025/12/02/welcome-to-hotel-california-democrats-push-retroactive-billionaire-tax/, Democratic Rep. Ro Khanna mocked their departure with “I will miss them very much.” Indeed, you will as you shrink your tax base rather than cut a bloated budget. Good luck with that…”
As billionaires flee California to avoid a new wealth tax, https://t.co/FvJsTyrT6F, Democratic Rep. Ro Khanna mocked their departure with "I will miss them very much." Indeed, you will as you shrink your tax base rather than cut a bloated budget. Good luck with that…
— Jonathan Turley (@JonathanTurley) December 27, 2025
Many social media users are speaking out in horror over the proposed new tax.
“This is insane,” wrote one user. “With no desire to stop the fraud, California politicians insist that they will start taxing property and assets of the richest Californians now.
“When these richest Californians leave, which I guarantee they will, especially when they understand the extent of the rot, the middle class will be the only group left to plug the hole because they are the largest collective taxpayers in the state.”
This is insane.
With no desire to stop the fraud, California politicians insist that they will start taxing property and assets of the richest Californians now.
When these richest Californians leave, which I guarantee they will, especially when they understand the extent of… https://t.co/ZqeEuotqvZ
— Chamath Palihapitiya (@chamath) December 30, 2025
California will miss billionaires when they’re gone https://t.co/8P0eijRwHb
— James Hohmann (@jameshohmann) January 1, 2026
Read more at Fox News
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