Dumb Ballot Idea
A proposal has been submitted to California's attorney general for consideration on the 2010 ballot (at the earliest) that would apply a death tax of 55% on all wealth over $20 million.
That's bad enough, but the proceeds would not be used to balance the budget or build roads and bridges. No, it would be used to buy stock in Exxon-Mobil, Chevron, Citicorp, J.P. Morgan, and other companies.
The goal is to make sure these companies do not drill or contribute to drilling off the coast of California, and to make sure they invest in alternative fuel research and development. Oh, and it would make sure these companies do not loan money to foreign companies at the expense of domestic ones. You know, because globalization is bad, bad, bad.
Hear that sound? That's all of California's millionaires packing up their things and driving their SUVs to Florida.
