Blue states are changing the tax rules on the wealthy and it's going to cost all of us |
Opinion
Blue states are changing the tax rules on the wealthy and it's going to cost all of us
Blue states have every right to set their own tax policy. But they don't get to suspend the law of economics along with it
By Ted Jenkin Fox News
Published April 6, 2026 5:00am EDT
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Every politician eventually runs out of other people's money to spend. Blue state governors and legislators are just running out faster than the rest.
Right now, there is a coordinated wave of new tax proposals sweeping California, New York, Washington state, Massachusetts, Michigan and Connecticut. The common thread? They all believe the solution to self-inflicted budget crises is to reach deeper into the pockets of their most productive residents. And if those residents decide to leave, they want to charge them an exit tax on the way out. What? Is this America?
Let that sink in. An exit tax. As in, we know you're leaving because of our lousy tax structure, and we want the door to hit you on the way out.
CALIFORNIA’S HATRED FOR CAPITALISM IS KILLING THE GOOSE THAT LAID ITS GOLDEN EGG
The proposals on the table right now
California's Billionaire Tax Act is the crown jewel of this movement. The ballot measure would impose a one-time 5% tax on the total net worth of anyone worth more than $1 billion residing in the state. Not their income. Their net worth. Think about what that means for a founder whose........