Bill Ackman slams California wealth tax as ‘expropriation' of private property [FOX Business Network]
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Source: FOX Business Network
wealth tax as a potential government seizure of private property, arguing such taxes have failed everywhere they have been tried. Ackman, who is not a California resident, took to X earlier this week to criticize the proposal which, if approved by voters, would impose a one-time 5% tax on the assets of California residents worth more than $1 billion. "I am opposed to wealth taxes because they effectively represent an expropriation of private property and have many unintended and negative consequences that have occurred in every country that has launched such a tax," Ackman said in the post. The proposal comes as California faces a projected $18 billion deficit for fiscal year 2026-27, according to the state's Legislative Analyst's Office. "With respect to California's budget problem, the issue is not a lack of tax revenues. The problem is how the money is being spent," Ackman wrote. Days earlier, Ackman said that "California is on a path to self-destruction" amid news that s
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