{"id":62415,"date":"2026-01-12T13:01:37","date_gmt":"2026-01-12T18:01:37","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=62415"},"modified":"2026-01-12T13:03:02","modified_gmt":"2026-01-12T18:03:02","slug":"voting-with-your-feet-6","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=62415","title":{"rendered":"Voting With Your Feet"},"content":{"rendered":"

On January 12, Issues & Insights<\/a> posted an article about the reaction to a proposed California tax on billionaires. It should not be a surprise that billionaires do not want to pay this tax.<\/p>\n

The article reports:<\/p>\n

The Billionaire Tax Act isn’t even officially on the California <\/strong>ballot yet, but that hasn\u2019t stopped businessmen, entrepreneurs, and investors from fleeing the state, taking $1 trillion in wealth \u2013 along with jobs and opportunity \u2013 with them.<\/strong><\/p>\n

Tech entrepreneur Chamath Palihapitiya has been keeping track of who\u2019s decided to leave the state in advance of this \u201ctemporary\u201d tax.<\/strong><\/p>\n

\u201cWe had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left \u2013 taking their income tax revenue, sales tax revenue, real estate tax revenue, and all their staffs (and their salaries and income taxes) with them,\u201d he posted on X<\/a> this weekend.<\/strong><\/p>\n

\u201cIn other words, by starting this ill-conceived attempt at an asset tax, the California budget deficit will explode. And we still don\u2019t know if the tax will even make the ballot.\u201d<\/strong><\/p>\n

Among those who\u2019ve given up on California are Google co-founders Sergey Brin and Larry Page. The New York Times<\/a> reports that 10 days before Christmas, Brin \u201cterminated or moved 15 California limited liability companies that oversee some of his business interests and investments out of the state\u201d and \u201cmore than 45 California limited liability companies associated with Mr. Page filed documents last month to either become inactive or move out of the state.\u201d<\/strong><\/p>\n

The Laffer Curve is an illustration of what is happening\u00a0 in California:<\/p>\n

\"\"<\/a>Millionaires and billionaires have tax accountants, lawyers, and other people who help them legally avoid many of the taxes the rest of us pay. Voting with your feet is one of the easiest ways to avoid excessive taxes. Voting with your feet is one of the reasons Texas and Florida are the fastest growing states in the nation. Their tax policies make them very attractive to businessmen.<\/p>\n

The article concludes:<\/p>\n

This is a state, after all, that has managed in the past few years to kill its other golden goose, the film industry \u2013\u00a0the Wall Street Journal last fall said \u00a0\u201cL.A.\u2019s Entertainment Economy Is Looking Like a Disaster Movie.\u201d<\/strong><\/p>\n

It\u2019s a state that sits at the top of the list for highest tax rates, but the bottom of the list for just about everything else. (See \u201cDo Californians Realize How Badly They\u2019re Getting Ripped Off?<\/a>\u201d)<\/strong><\/p>\n

It\u2019s a state that \u2013 despite idyllic weather and natural beauty \u2013 has driven more than 1.6 million residents away. (See \u201cThe Great Divorce Continues<\/a>.\u201d)<\/strong><\/p>\n

As we noted in this space a couple of weeks ago (See \u201cCalifornia\u2019s \u2018Get Out Now\u2019 Tax<\/a>\u201d), \u201cBusinesses and people are fleeing because lawmakers and blue voters are stuck in a Bolshevik rut.\u201d<\/strong><\/p>\n

The question is, what will it take to get California\u2019s lawmakers and voters unstuck?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On January 12, Issues & Insights posted an article about the reaction to a proposed California tax on billionaires. It should not be a surprise that billionaires do not want to pay this tax. The article reports: The Billionaire Tax … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[18998,30,12212,3596],"class_list":["post-62415","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-billionaire-tax-act","tag-california","tag-issues-insights","tag-laffer-curve"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/62415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62415"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/62415\/revisions"}],"predecessor-version":[{"id":62422,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/62415\/revisions\/62422"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}