* average 1% asset management fee (modal number if you poke around)
* 0% investment carry (hedge funds get away with charging this, but most asset managers don't)
* 9% effective tax rate (revenues disproportionately go to high earners)
gets you $1.8B lost tax revenues. The 0% carry assumption is very conservative, so the $1.8B is a lower bound. Even so, CA and NY collect about $400B annually. As a first order thing, this doesn't move the needle very much.
* average 1% asset management fee (modal number if you poke around)
* 0% investment carry (hedge funds get away with charging this, but most asset managers don't)
* 9% effective tax rate (revenues disproportionately go to high earners)
gets you $1.8B lost tax revenues. The 0% carry assumption is very conservative, so the $1.8B is a lower bound. Even so, CA and NY collect about $400B annually. As a first order thing, this doesn't move the needle very much.