Claims extracted
19
sentences that state something as happening or true
Uncertain
21%
4 of 19 hedged
("reportedly", "may", "according to")
Leaning
withheld
no quote in the article backed the model's score
Publisher signals
67/100
Reason's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
2
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
A proposed "wealth tax" on California's billionaires could backfire and cost the state tens of billions of dollars in the long run.
uncertain
tax → propose → run
If the proposed tax drives wealthier residents out of the state, California could end up losing between $1 billion and $3.5 billion annually in income taxes, according to a working paper published this week.
uncertain
California → propose → paper
A pair of researchers at Stanford University warn that the state could end up losing an estimated $39 billion because of the consequences of the wealth tax.
uncertain
state → warn → tax
"These findings suggest that the Billionaire Tax Act will not fulfill the primary functions for which it was designed," write researchers Benjamin Jaros and Joshua Rauh.
asserted
Jaros → suggest → which
Voters in California will decide next month whether to impose the one-time, 5 percent tax when they vote on Proposition 40.
asserted
they → decide → Proposition
The ballot measure is dividing Democrats—Gov. Gavin Newsom opposes it, while progressive Rep. Ro Khanna (D–Calif.) claims it is the "most important ballot initiative in America and a fight for the soul of our party.
uncertain
it → divide → party
"
And it's already spurring some billionaires to flee the state—including venture capitalist Peter Thiel and Google co-founder Larry Page.
asserted
it → spur → Thiel
Including those two, the seven billionaires who have publicly said they are leaving the state represent more than $539 billion of the nearly $1.9 trillion aggregate net worth of California's billionaires, the researchers note.
asserted
researchers → include → billionaires
With other departures likely happening more quietly, the new study estimates that the tax will generate about $30 billion, a far cry from the $100 billion that the tax's supporters expect.
asserted
supporters → happen → that
The "behavioral response" from billionaires in California "has eroded most of the projected tax base," write Jaros and Rauh.
asserted
Jaros → erode → base
In the long run, however, the state is likely to lose out.
asserted
state → lose → run
After running 100,000 simulations using different assumptions, the two researchers report that "85 percent of plausible outcomes produce a negative" result in state revenue.
asserted
percent → run → revenue
Other recent experiments with special taxes on wealth have backfired in similar ways.
asserted
experiments → backfire → ways
In response to a new wealth tax in Washington State, Jeff Bezos relocated to Florida, and iconic Seattle brand Starbucks shifted more of its corporate headquarters to Tennessee.
asserted
Starbucks → relocate → Tennessee
Studies have shown that a "millionaires tax" in Massachusetts contributed to wealth moving out of that state.
asserted
wealth → show → state
And if you were a billionaire living in California, why would you stick around?
asserted
you → live → California
Polls show voters are narrowly divided over Proposition 40.
asserted
voters → show → Proposition
A Politico poll published earlier this month showed 46 percent of voters plan to vote for the measure, while 43 percent oppose it.
asserted
percent → publish → it
Voters were similarly divided when asked if they expected it to pass or not.
asserted
it → divide → ?
The Aporia
