Taxes

'They're Going To Go Elsewhere': Steve Forbes on Why Taxing the Rich Backfires

"For the first time since California came into the union," the publisher and businessman says, "they're having out-migration."

John Stossel | 4.8.2026 1:45 PM

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(Stossel TV)

"Tax the rich!" shout progressives.

Why not?

America's richest people are ridiculously rich.

"Five bucks to you is like $6 million to billionaire Jeff Bezos!" shrieks Sen. Elizabeth Warren (D–Mass.).

Taking more from billionaires and millionaires just seems fair.

That's why Washington state passed a new "millionaire's tax," California will soon vote on a "billionaire's tax," and my mayor in NYC shouts, "increase taxes on the wealthiest New Yorkers!"

Don't these politicians realize that in America, people can move?

The same day Washington's House passed its millionaire's tax, Starbucks billionaire Howard Schultz announced that he's leaving Washington for Florida.

Billionaires Elon Musk, Larry Ellison, Steven Spielberg, Peter Thiel, and now Google co-founders Larry Page and Sergey Brin have left California.

For 170 years, California brought in more people than any other state. It's clear why—the weather is awesome. There were growing........

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