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“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”
― Mark Twain
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When Socialists Embrace Capitalism
California Gov. Gavin Newsom has publicly criticized the state’s proposed billionaire wealth tax, calling it bad economics that risks driving investment and high-net-worth residents out of California. He said recent evidence of wealthy individuals and businesses relocating validates his long-standing opposition to such taxes, warning of broader economic and confidence-related damage. Although the measure has not yet qualified for the 2026 ballot, reports of prominent billionaires restructuring assets or leaving the state have intensified concerns. Newsom maintains that state-level wealth taxes undermine California’s competitiveness and expects the proposal to ultimately be defeated by voters.
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