A state-based wealth tax may sound appealing at first glance, but the reality is far different: it threatens to drive jobs, investment, and tax revenue out of California, while doing nothing to address the billions of dollars wasted each year on government inefficiency, insurance company abuse, and fraud. When the people who already pay the largest share of our taxes leave, the burden doesn’t disappear – it shifts to everyone else.

If we’re serious about fairness, we should close federal tax loopholes, cut waste, and protect California’s innovation economy—not crash it.