Now, the wealth tax would confiscate 5% of an individual's net worth if they're worth more than $1 billion. And what's worse is It would actually go after people who have already left the state if they had been in California within a year of the measure's enactment. So that is why you're seeing this exodus simply based on the wealth tax being proposed. (14:59–15:09)
CLAIM
Asserts that the wealth tax would apply to former residents who left California within a year of its enactment.
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.
