A prominent French economist advocating for California’s proposed billionaire tax faces growing skepticism, as critics argue France’s own struggles with wealth taxation offer a stark warning. The country’s high tax burdens on the ultra-rich have reportedly driven capital and talent abroad, raising concerns that similar policies could backfire in California. Supporters insist such measures are necessary to fund public services, but opponents warn of potential economic consequences. The debate highlights the tension between progressive taxation and its impact on economic mobility and investment.
The French economist pushing California's billionaire tax should instead see his country as a cautionary tale.
