1. United States
2. Calif.
3. Letter

I am writing to urge you to support the California ballot initiative proposing a one-time wealth tax on billionaires. This measure represents a critical opportunity to address wealth inequality and generate substantial revenue for our state without burdening working families. Research from Cornell University professor Cristobal Young demonstrates that concerns about wealthy residents fleeing California are largely unfounded. His data shows only 2.4 percent of millionaires change state residence annually, a rate actually lower than the general population. The Fiscal Policy Institute reached similar conclusions when studying New York's tax increases in 2017 and 2021, finding no significant out-migration of millionaires. In fact, the majority stayed and tax revenues increased. California faces significant challenges in funding education, infrastructure, and social services. A wealth tax on billionaires would provide essential resources while ensuring those who have benefited most from our economy contribute their fair share. The concentration of wealth among a small number of individuals has reached unprecedented levels, while many Californians struggle with housing costs, healthcare expenses, and economic insecurity. While some critics, including Governor Gavin Newsom, have opposed this measure, the evidence supports its viability. States that have implemented similar progressive tax policies have not experienced the predicted exodus of wealthy residents. Instead, they have generated revenue that benefits all constituents through improved public services and infrastructure. I recognize this proposal is structured as a one-time tax, and I would support making such measures permanent and recurring. However, this initiative represents an important first step toward a more equitable tax system. I urge you to publicly support this ballot measure and advocate for its passage. Our state's billionaires can afford to contribute more, and our communities desperately need the investment.