Source: Independent Institute
by Daniel Sánchez-Piñol
“The architects of Proposition 40—California’s proposed 5 percent tax on billionaire net worth—say they want to tame inequality. But in their rush to redistribute wealth, they risk undermining something more fundamental: the rule of law. F.A. Hayek warned that the crusade for ‘social justice’ inevitably collides with the rule of law. The design of Prop 40 proves this point. According to Hayek, laws should meet three basic criteria: they should be non-retroactive, predictable in their consequences, and general rather than tailored to particular people or circumstances. Prop 40 fails on all three.” (10/21/26)
https://www.independent.org/article/2026/10/21/californias-wealth-tax-fails-hayeks-rule-of-law-test/