Friedberg cites Norway's 2022 wealth tax causing $54 billion capital flight and $448 million revenue loss versus $146 million target.
“The wealth tax was supposed to raise a $146,000,000 of incremental revenue per year. Instead, what happened? $54,000,000,000 of net worth left the country, and they actually had a $448,000,000 tax loss.”
Friedberg notes California wealth tax proposal starts at 5% for billionaires with expandable scope and authority.
“Well, it's it's on the ballot now in California to pass a wealth tax, and it starts as a one time 5% tax for billionaires, but it gives the legislature in California the ability to lower the threshold and make it every year if they wanted to and change the percentage.”
Friedberg predicts national wealth tax debate in 2028 will expand like income tax did from 1% initially.
“You think we are gonna find ourselves in that conversation in 2028 and we're gonna have a national wealth tax where eventually just like we started with a 1% income tax, eventually everyone will pay a significant percentage of their net worth every year to support government services.”
Friedberg advocates for a foreign policy avoiding tariff wars while domestically protecting science agency funding, passing immigration reform, expanding vocational training, and restructuring taxes to favor wealth creation.
“ rather than fight Trump-style tariff wars, paired with a domestic agenda that defends NIH, NSF, and DARPA funding, passes the bipartisan Dignity Act on immigration, rebuilds vocational education, and rewrites a tax code that rewards wealth preservation over wealth creation. His most memorable line is reserved for the left: ”