"In November, Californians will vote on the state's proposed tax on billionaires, which, if passed, will slap a one-off 5% levy on the total wealth of residents worth more than $1 billion. Critics have warned that such an imposition will spark capital flight as wealthy people decide to simply uproot, as Google founders Larry Page and Sergey Brin have already started to do."
"In 2018, less than a year into his tenure as president of France, Emmanuel Macron delivered on a landmark campaign pledge to abolish France's "Solidarity Tax on Wealth," known as the ISF. It was a progressive levy that targeted all assets, from real estate to stocks and art holdings, worth more than 1.3 million euros, approximately $1.5 million. At the time, the act seemed to defy French political gravity."
Californians will vote on a proposed one-off 5% levy on total wealth for residents worth more than $1 billion. Critics warn the levy could trigger capital flight, with some wealthy individuals already leaving. France previously maintained a broad wealth tax, the ISF, taxing assets above 1.3 million euros. In 2018, the ISF was abolished by President Emmanuel Macron after decades of intermittent application. Hundreds of thousands of millionaires left France between 2000 and 2017, creating revenue shortfalls and raising questions about the effectiveness of broad wealth taxes as policy tools.
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