Kevin Kiley: “there is currently a proposed ballot measure in my State of California to impose the Nation's first- ever wealth tax. In…”

“there is currently a proposed ballot measure in my State of California to impose the Nation's first- ever wealth tax. In response to this proposal, you are already seeing an exodus from California because, while the measure won't be presented until November and won't take effect until next year, the language of it ensnares anyone who was a resident of California until January 1 of this year. It would actually try to apply itself to former residents. Now, California already has the highest income tax of any State in the country, the highest gas tax, the highest overall tax burden. However, a wealth tax is something unique because a wealth tax is not merely the taxation of earned income, it is the confiscation of assets. They are saying it is just for billionaires. Of course, it starts with billionaires and then they continue to lower the threshold, ensnaring more and more people. Even for billionaires, presenting a 5 percent tax on all of your assets is problematic because, number one, it requires actually having liquid assets amounting to 5 percent of one's net worth, but number two, what you are already seeing happen is entrepreneurs and job creators are simply leaving the State to avoid this unique penalty. Now, we already have the highest unemployment rate of any State in the country in California, so it really doesn't help that now the State is causing even more job creators to leave the State.”