So they'll be forced to unwind their companies. And when they're leaving the state, they're taking their businesses and investments with them. They're taking their income taxes with them. That's why Any country that has tried any such wealth tax has actually repealed it, because it's had the opposite of the intended effect. I've introduced the Keep Jobs in California act to preempt the most blatantly unconstitutional provision of this measure, the one that would tax former residents. (15:49–15:59)
CLAIM
Asserts that countries implementing wealth taxes have repealed them due to unintended negative effects.
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.
