San Francisco Mayor Daniel Lurie has announced his opposition to the California wealth tax initiative, telling an audience of 650 business and civic leaders that the tax “would drive revenue out of our state.” In a separate event, cryptocurrency founder and philanthropist Chris Larsen likened the measure to Californians “shooting ourselves in the foot.”
Lurie, who had declined to state his position on the measure two weeks earlier, voiced his opposition January 26 during a panel discussion at a San Francisco Business Times event in Oakland.
“We would drive revenue out of our state when 49 other states don’t have [a wealth tax], so I think this is the wrong measure,” Lurie said. “Everybody should be paying their fair share, but if people can up and flee, I’d rather see something done at the national level.”
Oakland Mayor Barbara Lee, who was on the panel with Lurie, said she hasn’t taken a position on the initiative.
“I haven’t actually read this ballot measure yet, but I do believe we have to have more tax equity and tax reform here in the state,” Lee said. “Here in Oakland, for example, poverty rates have increased. The poverty rates in Oakland have increased to, I think, 14 percent to 16 percent, and they’re rising. There are some inequities in this country that have to be addressed through a variety of measures, and so we have to have tax equity. We have to look at how to achieve that where everybody wins.”
Lee has historically supported a wide range of tax increases on employers, often despite warnings from taxpayers and employers that making California’s business climate less competitive would increase poverty by triggering job losses, consumer price increases, and other economic problems.
Larsen gave his opinion of the wealth tax measure January 28 during his induction into the Bay Area Business Hall of Fame.
“It’s just shooting ourselves in the foot,” Larsen said. “I get it. Everybody hates billionaires, so forget us billionaires. But is it good for California? Hell no!”
The San Francisco Business Times reported January 29 that Larsen added this description: “It’s literally like the Florida economic development agency wrote that thing. It’s that stupid.”
During another point in his speech, Larsen said: “We can’t be arrogant anymore that people just want to stay here because it’s beautiful. Look, I can’t tell you how many times I get pitches from Florida and Texas and Arizona and Singapore. They’re working nonstop to steal our best and our brightest.”