Former Senators Toomey and Heitkamp weigh in on new wealth tax proposal in California

Summary

The segment debates a proposed California wealth tax with former Senators Pat Toomey and Heidi Heitkamp. Toomey calls it an unprecedented confiscation that would drive wealthy residents out and damage California's revenue base. Heitkamp agrees unrealized-gains taxes are unworkable and argues wealth taxes are intrusive, hard to administer, and have failed elsewhere. No specific securities or investment recommendations are discussed.

• California wealth tax proposal debated on Squawk Box.
• Pat Toomey strongly opposes the proposal.
• Toomey warns of wealthy-resident exodus and state revenue loss.
• Heidi Heitkamp says unrealized-gains taxes are unworkable.
• Heitkamp says wealth taxes have failed elsewhere and are hard to administer.
• Both discuss legal, retroactivity, and administrative challenges.
• No direct investment ideas or securities were named.