California’s Billionaire Tax Mirrors France’s Troubled Wealth Levy, Sparking Debate

The author draws a parallel to France, where similar wealth-tax concepts have coincided with rising bond yields, a 5.1% GDP deficit and public debt surpassing 119% of output, alongside widespread protests. French pension costs now consume 14.1% of GDP, and the government has struggled to curb spending despite raising the retirement age.

A Hoover Institution study predicts the California tax would collect about $40 billion—well below the $100 billion claim—and could prompt billionaires to relocate, costing the state an estimated $24.7 billion in future income taxes. The piece cautions voters that short-term revenue gains may be offset by long-term economic harm, urging scrutiny of French-inspired socialist policies.