CA wants to impose a one-time 5% wealth tax on its wealthiest residents.

If you have $1 billion or more, you’d lose 5% of your net worth - instantly - to the state.

People love to make fun of Ayn Rand (and yes, she had some wild takes), but the basic premise of Atlas Shrugged was sound:

You can’t keep taxing and taking from the people who produce. That’s an unsustainable model.

In California, the top 1% of earners pay roughly 40 - 45% of the state’s entire income-tax revenue.

And an estimated 0.4% of taxpayers, those earning $1 million+, pay about 30% of all state income taxes.

So what happens when your answer to every budget shortfall is “tax the rich”?

The rich leave.

Why would they stick around and watch their capital be confiscated to fund a government that can’t balance its budget?

There was a time when America had no income tax. Then a small one “only for the rich.”

Now, everyone pays - and the bar keeps moving lower.

California says this new 5% wealth tax will only hit billionaires.

Make no mistake: that bar will fall, too.