Economist EJ Antoni warned on Newsmax on Saturday that a proposed California wealth tax targeting billionaires would likely accelerate the state's ongoing population decline and capital flight, arguing the policy continues a long-standing pattern of high earners leaving after tax increases.
Appearing on "Saturday Agenda," Antoni, chief economist at the Heritage Foundation, said the ballot proposal to tax billionaires at 5% of their assets, retroactive to January, would not reverse California's fiscal challenges but instead deepen them.
Antoni pointed to reports that Google co-founders Larry Page and Sergey Brin have moved their assets out of California as evidence of what he described as a broader trend rather than an isolated decision.
"This is more of a continuation of a trend," Antoni said, noting that California has repeatedly seen its highest earners relocate after tax hikes.
He said wealthy individuals are among the most mobile both geographically and financially, making them especially sensitive to aggressive taxation.
Antoni argued that wealth taxes, income taxes, and sales taxes all ultimately reduce incentives to remain in high-tax states. "At the end of the day, these are all ways that the government is taking money from people," he said, adding that many residents have reached a breaking point.
He said the result has been sustained migration from California to states such as Texas and Florida, despite California's economic advantages and favorable climate.
According to Antoni, continued reliance on what he called "failed public policies" risks further eroding the state's tax base rather than stabilizing it.
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