{"id":6066,"date":"2026-10-05T21:44:42","date_gmt":"2026-10-05T21:44:42","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=6066"},"modified":"2026-10-05T21:44:42","modified_gmt":"2026-10-05T21:44:42","slug":"wealth-tax-would-ruin-california-reagan-advisor-art-laffer-warns","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=6066","title":{"rendered":"Wealth tax would ‘ruin California,’ Reagan advisor Art Laffer warns"},"content":{"rendered":"

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Former Reagan economic advisor Art Laffer discusses California’s billionaire wealth tax during an appearance on ‘Varney & Co.’<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

California voters are set to decide on a one-time wealth tax on billionaires, a proposal former Reagan economic advisor Art Laffer warns could accelerate an exodus of the state\u2019s wealthiest residents.<\/p>\n

Laffer joined FOX Business\u2019 Stuart Varney on “Varney & Co.” to discuss California\u2019s Proposition 40 and the broader push for wealth taxes.<\/p>\n

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Signs supporting a proposed California billionaire wealth tax are displayed as the measure draws debate over its potential economic impact and the risk of wealthy residents leaving the state.<\/span> (Caroline Brehman\/Bloomberg \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

Proposition 40 would impose a one-time tax equal to 5% of net worth on people who were California residents on Jan. 1, 2026, and had more than $1 billion in covered assets. Real estate, pensions and retirement accounts generally would be excluded. Ninety percent of the revenue would go toward healthcare, according to the state\u2019s Legislative Analyst\u2019s Office.<\/p>\n

Laffer argued the measure could make California less attractive to people building and holding large fortunes.<\/p>\n

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Vermont Senator Bernie Sanders advocates for California’s billionaire wealth tax. The ‘Mornings with FOX Business’ panel argues the tax is unworkable, citing historical failures of wealth taxes across Europe.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

“It is the single most important proposition on ballot today in America. It really is a big, big deal, this wealth tax. And it would destroy California, it really would,” Laffer said.<\/p>\n

“No one would want to go there to build their wealth only to be faced with this type of tax. It would cause an exodus of billionaires, which have not left California because the income taxes do not affect the billionaires much at all. This tax would really affect them,” he continued.<\/p>\n

CALIFORNIA BUSINESS CLIMATE GETS WARNING FROM REAL ESTATE MOGUL: ‘ENOUGH IS ENOUGH’<\/strong><\/p>\n

The Legislative Analyst\u2019s Office estimates the tax could generate tens of billions of dollars over several years, but says responses, including some billionaires leaving California, could reduce state income-tax revenue by less than $1 billion annually.<\/p>\n

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‘The Big Money Show’ discusses California’s proposed billionaire tax and the potential wealth exodus. The panel also analyzes Seattle’s plan to raise its minimum wage to $22 by 2027.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Laffer also tied the debate to a push for taxing wealth, invoking the Democratic Socialists of America, while arguing such policies have failed.<\/p>\n

“We go back to Karl Marx on taxing the rich\u2026 Everyone has wanted to tax the rich through ages. And it\u2019s never worked. It\u2019s really never worked, and in this case it won\u2019t work either,” Laffer said.<\/p>\n

TOP REAL ESTATE MOGUL ISSUES STARK WARNING AS CALIFORNIA BUYERS SAY ‘ENOUGH IS ENOUGH’ ON TAXES<\/strong><\/p>\n

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‘Varney & Co.’ host Stuart Varney details the economic struggles facing California, including high gas prices, soaring electricity costs, and high taxes that are driving residents out of the state during his ‘My Take.’<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

While Laffer said he does not take the broader socialist movement seriously, he drew a distinction with the California proposal.<\/p>\n

“The ballot proposition in California is a serious one, but it would just ruin California,” he said.<\/p>\n

CLICK HERE TO GET FOX BUSINESS ON THE GO<\/u><\/strong><\/p>\n<\/div>\n

#Wealth #tax #ruin #California #Reagan #advisor #Art #Laffer #warns<\/p>\n","protected":false},"excerpt":{"rendered":"

Former Reagan economic advisor… <\/p>\n","protected":false},"author":1,"featured_media":6067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2960,1382,631,9177,9176,9175,227,276,81],"class_list":["post-6066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-advisor","tag-art","tag-california","tag-laffer","tag-reagan","tag-ruin","tag-tax","tag-warns","tag-wealth"],"yoast_head":"\nWealth tax would 'ruin California,' Reagan advisor Art Laffer warns - Finance News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vaultinsider.top\/?p=6066\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wealth tax would 'ruin California,' Reagan advisor Art Laffer warns - 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