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Los Angeles' new wealth tax could be a model for broke blue cities across America

26 74
19.12.2023

Dean Cain told Fox News Digital why he was one of many celebrities making the move from California to Nevada.

Exercise caution! California is unveiling a novel strategy for wealth distribution, prompting concern about its potential replication in other states.

Despite being the most heavily taxed state in the United States, California finds itself grappling with a staggering $68 billion budgetary deficit. Contrary to the metaphorical richness associated with the Gold Rush era, California's fiscal situation resembles Fool's Gold.

Even Gov. Gavin Newsome couldn’t admit in his recent debate against Florida Gov. Ron DeSantis that the net migration out of California is reaching epic proportions more often than not over one word… TAXES.

Los Angeles' mansion tax imposes an additional 4% tax on homes exceeding $5 million and a 5.5% tax on those surpassing $10 million paid for by the buyer. (iStock)

The city of Los Angeles........

© Fox News


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