California Wealth Tax: Real Estate Broker Highlights Potential ‘Trickle-Down’ Effects
Former ‘Million Dollar Listing’ star Josh Altman joins ‘Varney & Co.’ to break down California’s slow post-fire rebuilding process and warn that a proposed wealth tax could drive billionaires and jobs out of the state.
Luxury real estate broker Josh Altman has raised alarms about California’s proposed wealth tax, suggesting it could lead to a significant exodus of billionaires from the state. This potential migration could have a detrimental “trickle-down” effect on the economy.
In an interview with FOX Business, Altman stated, “There’s about 200 to 250 billionaires in California, more than any other state. However, there are also 40 million people in California, 23 million of whom are eligible to vote. If this hits the ballot, there is no way that the billionaires come out on top here, and that’s an issue.” His comments highlight the tension between the wealthy elite and the general populace, particularly in a state where wealth disparity is a pressing concern.
During his appearance on “Varney & Co,” Altman revealed that seven billionaires he knows personally have already relocated to other states, such as Las Vegas and Florida, in response to California’s economic climate.
Josh Altman speaks at BravoCon from Caesars Forum in Las Vegas on Nov. 3, 2023. (Chelsea Guglielmino/Bravo via Getty Images / Getty Images)
Altman emphasized that while the proposed measure would impose a one-time 5% tax on the net worth of California residents worth over $1 billion, it is not the billionaires who will bear the brunt of the consequences. “It’s the trickle-down effect. It’s people, the hundreds of thousands of people that work for these billionaires. It’s the trillion dollars in taxes that we’re going to lose,” he warned.
An unfurled California flag flies in Oceanside, Calif. on Oct. 24, 2017. (Mike Blake/Reuters / Reuters)
Altman shared a poignant remark from a billionaire friend: “You know what the difference is between 100 million and a billion? Nothing.” He stressed that while billionaires may weather the storm, it’s the employees and communities that rely on them who will face the real challenges. “We’re running them out of California,” he lamented.
According to the proposed ballot initiative, the one-time tax would be due in 2027, with taxpayers allowed to spread payments over five years, although additional nondeductible charges would apply, as outlined by the Legislative Analyst’s Office.
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FOX Business host Marcus Lemonis discusses billionaires fleeing California to avoid a proposed wealth tax on ‘The Bottom Line.’
FOX Business’ Kristen Altus contributed to this report.
Former ‘Million Dollar Listing’ star Josh Altman joins ‘Varney & Co.’ to break down California’s slow post-fire rebuilding process and warn that a proposed wealth tax could drive billionaires and jobs out of the state.
Luxury real estate broker Josh Altman has raised alarms about California’s proposed wealth tax, suggesting it could lead to a significant exodus of billionaires from the state. This potential migration could have a detrimental “trickle-down” effect on the economy.
In an interview with FOX Business, Altman stated, “There’s about 200 to 250 billionaires in California, more than any other state. However, there are also 40 million people in California, 23 million of whom are eligible to vote. If this hits the ballot, there is no way that the billionaires come out on top here, and that’s an issue.” His comments highlight the tension between the wealthy elite and the general populace, particularly in a state where wealth disparity is a pressing concern.
During his appearance on “Varney & Co,” Altman revealed that seven billionaires he knows personally have already relocated to other states, such as Las Vegas and Florida, in response to California’s economic climate.
Josh Altman speaks at BravoCon from Caesars Forum in Las Vegas on Nov. 3, 2023. (Chelsea Guglielmino/Bravo via Getty Images / Getty Images)
Altman emphasized that while the proposed measure would impose a one-time 5% tax on the net worth of California residents worth over $1 billion, it is not the billionaires who will bear the brunt of the consequences. “It’s the trickle-down effect. It’s people, the hundreds of thousands of people that work for these billionaires. It’s the trillion dollars in taxes that we’re going to lose,” he warned.
An unfurled California flag flies in Oceanside, Calif. on Oct. 24, 2017. (Mike Blake/Reuters / Reuters)
Altman shared a poignant remark from a billionaire friend: “You know what the difference is between 100 million and a billion? Nothing.” He stressed that while billionaires may weather the storm, it’s the employees and communities that rely on them who will face the real challenges. “We’re running them out of California,” he lamented.
According to the proposed ballot initiative, the one-time tax would be due in 2027, with taxpayers allowed to spread payments over five years, although additional nondeductible charges would apply, as outlined by the Legislative Analyst’s Office.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business host Marcus Lemonis discusses billionaires fleeing California to avoid a proposed wealth tax on ‘The Bottom Line.’
FOX Business’ Kristen Altus contributed to this report.
