On Friday, Shu-Yi posted about a new Wall Street Journal report on California’s new proposed one-time wealth tax on billionaires. Tax Notes also has a report on the proposal, including some commentary from Darien Shanske (UC Davis law):

Darien Shanske, a tax law expert at the University of California, Davis School of Law (King Hall), told Tax Notes in an October 24 email that he had contributed to the development of the tax proposal. He argued that the warnings by critics that it would encourage billionaire flight are just hype.

“One of the perks of being a billionaire is to live where you want. And this tax is way less than the average appreciation on these great fortunes,” Shanske said. Arguments that “there would or could be a mass-migration imply something highly implausible,” he continued.