All these empty office spaces belong to someone. - Credit: nytimes.com As Margaret Thatcher famously observed, “The problem with socialism is that you eventually run out of other people’s money.” In 2026, New York City and Seattle provide textbook examples. Decades of progressive policies—sky-high taxes, heavy regulations, and expansive social spending—have strained budgets, prompting more tax hikes on businesses and high earners. The result? Major employers, founders, and wo

As California lawmakers in Sacramento push forward with ambitious new tax proposals to plug budget holes created by federal cuts and runaway spending, one inconvenient truth stands out: the state isn’t broke because it taxes too little. It’s hemorrhaging money through fraud, waste, mismanagement, and a bloated regulatory apparatus that strangles businesses and drives residents away.

California, once celebrated as the Golden State and an economic powerhouse, has devolved into a textbook welfare state. Here, a shrinking minority of productive citizens shoulders the burden for a disproportionately large share of residents who consume public resources through an ever-expanding web of entitlements. With a population of approximately 39.5 million, only about 17.5 million Californians file and pay state personal income taxes.