Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes

[haele]

33. Spiro is a F'ing con man.

His job as he sees it is to maximize wealth for his clients so he can scrape more fees off the top.
Most of his clients wouldn't see any difference between a 1% wealth tax and the fees he would have charged them to "invest" that 1%.
Not only that, they won't realize any benefit from that 1% he moved around as an investment for them -

" Oh, sorry - market correction, you lost $2m last quarter, but you're going to make it back up and then some if I move you over to this fund - another $100k, please..."

With that $1M a year per $1B tax -er - investment in California, they can invest that money in things that make the state a better place to live and do business in.

Instead of just further lining the pockets of already wealthy money managers.