JUST IN: Billionaire wealth tax no longer projected to be on California ballot, as billionaires worth a combined $1 trillion+ flee the state in historic wealth exodus.
@RameshSchaffter@KusumW@KusumW This zero-sum mindset you spread ignores how the brain drain shapes your own economy.
Migration may be rare, but the top end is very elastic — and the real loss isn’t just taxes, it’s the unmeasurable erosion of talent, networks, & capital. Just ask France (2012-14)
@sanjiva You know well enough that companies can and will easily shift profits to low-tax jurisdictions through shell companies or mispricing. How do we stop the loophole outcome?
@NewsWireLK No battery storage for excess power, no smart grids to balance the load, no demand-side programs to shift usage, weak policy support , and zero coordination between local agencies.
The capital is ready to build, there’s just too much constraint on a free market for energy in SL.