A TAX BUILT ON WISHFUL THINKING They call it “commonsense.” They call it “fair.” They call it “necessary.” But strip away the slogans, and what do you get? A one-time 5% tax on billionaires that sounds simple—and collapses under basic economic reality. California’s proposed billionaire tax targets around 200 individuals. Just 200. That’s the pitch: soak the ultra-wealthy and fund public services. Easy, right? Wrong. Because wealth doesn’t sit still. Money moves. Capital flows. And when politicians ignore that truth, economies pay the price. THE PART THEY DON’T WANT YOU TO SEE Supporters claim this tax will “save hospitals” and “protect healthcare.” That’s the emotional hook. That’s how it’s sold. But here’s what even California’s own analysts admit: A temporary…
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