California’s wacko wealth tax

The United States is about liberty and opportunity. Free-market capitalism bound to the rule of law is the foundation of the strongest economy in the world. But from time to time, left-wing politicians and academics forget what makes America great. Instead, they propose policies that would undermine the foundations of the economy and the freedom to pursue one’s dreams.

Just a few days ago, two prominent left-wing economists, Emmanuel Saez and Gabriel Zucman, wrote an opinion piece for the New York Times supporting a November state ballot measure that would introduce a “one-time” 5% wealth tax for California billionaires. Unfortunately, the economists fail to grasp a basic economic principle: Incentives matter. Wealth taxes would discourage hard work, innovation, and entrepreneurship, three pillars of the U.S. economy.

The economists rail against the wealth of the billionaires who created Alphabet and Meta, companies that Americans value greatly. The economists argue that it is unfair that California’s