Former ‘Million Greenback Itemizing’ star Josh Altman joins ‘Varney & Co.’ to interrupt down California’s gradual post-fire rebuilding course of and warn {that a} proposed wealth tax might drive billionaires and jobs out of the state.
Luxurious actual property dealer Josh Altman warned that California’s proposed wealth tax might drive a lot of billionaires out of the state and set off a harmful “trickle-down” impact.
“There’s about 200 to 250 billionaires in California, greater than some other state. Nevertheless, there are additionally 40 million folks in California, 23 [million] of whom are eligible to vote. If this hits the poll, there isn’t any means that the billionaires come out on high right here, and that is a problem,” the previous “Million Greenback Itemizing” star advised FOX Enterprise.
Discussing the matter Wednesday on “Varney & Co.,” Altman mentioned that seven billionaires he personally is aware of have already left California for different components of the U.S., together with Las Vegas and Florida.
LARRY PAGE DROPS $173M ON MIAMI MANSIONS AMID CALIFORNIA BILLIONAIRE EXODUS TREND AS WEALTH TAX LOOMS
Josh Altman speaks at BravoCon from Caesars Discussion board in Las Vegas on Nov. 3, 2023. (Chelsea Guglielmino/Bravo through Getty Pictures / Getty Pictures)
Although the proposed measure would impose a one-time 5% tax on the web value of California residents value greater than $1 billion, he argued it isn’t the billionaires who will endure most.
“It is the trickle-down impact. It is folks, the lots of of 1000’s of those who work for these billionaires. It is the trillion {dollars} in taxes that we will lose,” he mentioned.
NEWSOM SAYS CALIFORNIA WEALTH TAX ‘REALLY DAMAGING’ AS BILLIONAIRES MOVE MONEY, BUSINESSES OUT OF STATE
An unfurled California flag flies in Oceanside, Calif., on Oct. 24, 2017. (Mike Blake/Reuters / Reuters)
“You recognize what a billionaire mentioned to me as soon as? He mentioned, ‘You recognize what the distinction is between 100 million and a billion? Nothing.’ They will be positive. It is those who want them that aren’t, and we’re operating them out of California.”
Underneath the proposed poll initiative, the one-time tax can be due in 2027, and taxpayers might unfold funds over 5 years with extra nondeductible fees, in keeping with the Legislative Analyst’s Workplace.
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FOX Enterprise host Marcus Lemonis discusses billionaires fleeing California to keep away from a proposed wealth tax on ‘The Backside Line.’
FOX Enterprise’ Kristen Altus contributed to this report.
