It Failed in France. It Would Be a Disaster in California.

By Joshua Rauh and Benjamin Jaros

Mr. Rauh is the George P. Shultz senior fellow in economics at the Hoover Institution at Stanford University and Mr. Jaros is a research fellow at the institution.

To many, the 5 percent wealth tax on California’s ballot this year may sound like a harmless way to raise money, a proposal only billionaires would dislike. Yet leaders from across the political spectrum oppose the plan, including Planned Parenthood Affiliates of California, the California Teachers Association and Gov. Gavin Newsom, a Democrat.

The critics are right. A quick look at the math underpinning the........

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