Taxes: California's Not-So-Irrational Billionaires

It’s possible, in principle, to impose a tax that loses money. Think of a 100 percent levy on capital gains. Yet California may have broken new ground by losing money through a tax that doesn’t yet exist. Voters on Nov. 3 will consider Proposition 40, which would collect a “one-time” 5 percent tax on residents with more than $1 billion in net worth. Read Full Article »