Ray Dalio’s wealth tax warning for California voters
New York Post • • nation
Key Points:
- Billionaire investor Ray Dalio warns that California’s proposed billionaire tax, set for a November ballot, could harm the economy by forcing wealthy individuals to sell assets or leave the state, exacerbating inequality and debt issues.
- The tax would impose a one-time 5% levy on the total wealth of California billionaires, but critics including Google co-founder Sergey Brin and investor Ron Conway argue it risks driving billionaires and jobs out of California.
- Studies predict significant economic impacts, with potential job losses exceeding 108,000 and billions in wages wiped out, while polls show a majority of voters fear the tax could hurt business and future tax revenues.
- The California Business Roundtable warns the tax could be amended to affect lower earners, though supporters deny this, insisting the law’s purpose is strictly a one-time billionaire tax.
- Public opinion is divided, with about half of California voters supporting the tax, 28% opposing it, and 23% undecided, indicating a closely contested vote ahead.
