And state and local governments are running out of that Covid money. And so I see them starting to cut. That's the reason why in California is trying to pass the wealth tax because they know they're running out of all the COVID money. California lives off capital gains. You get a correction in the equity markets and now they've run out. They're going to have such a gapping budget deficit and they know they'll have to lay off an enormous amount of people. (58:09–58:18)
CLAIM
Claims California is pursuing a wealth tax due to diminishing Covid funds.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
