The California Wealth Tax Debate

The proposed California wealth tax and what the liberty arguments reveal

The Proposal

California legislators have periodically proposed a wealth tax -- a tax on the net worth of California's wealthiest residents above a specified threshold, payable annually. The proposal is the most significant revenue proposal in the California tax debate and the one that the libertarian analysis most directly addresses.

The Liberty Argument

The liberty argument against the wealth tax: a tax on accumulated wealth is a tax on the savings that voluntary exchange produced, paid annually even when the asset has not been sold and no income has been realised. The wealth tax produces the specific forced-sale situation where the taxpayer must sell assets to pay a tax on the value of those assets, which is the specific confiscatory property rights violation that the libertarian tradition identifies.

Surf Revolt Coverage

Surf Revolt covers the California wealth tax debate because the libertarian property rights argument is the most coherent argument available against the wealth tax, and because the California case is where the proposal is most seriously under consideration.

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