California’s proposed wealth tax would be faced with “iniquity and impracticality” and amount to a “direct attack on property rights which has no obvious limits” says Professor Philip Booth, Senior Academic Fellow at the Institute of Economic Affairs.

Writing for CapX, Philip notes that while there are features of the UK and US tax systems which undoubtedly need fixing, “most countries which have had a wealth tax have abolished it in recent years, after finding it impossible to administer and/or finding that wealthy individuals simply moved to other jurisdictions.”

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