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

[jonstl08]

37. Not a good idea

I know this is a minority opinion in this thread but I think this is the wrong approach. They should at the federal level go after the tax avoidance schemes these billionaire use as tax shelters such as taking out loans on their assets such as stocks. Then using the dividends (if qualified) received to pay off the loans. You pay a lower rate of tax on qualified dividends plus the interest on the loans may be tax deductible.