Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
"It's been serious. Driving the rich people out is pretty dumb if you're a state or a city," Munger told CNBC's Becky Quick in an interview Thursday. "There are a number of places that have shot themselves in the foot; Connecticut, California, New York City."
Munger was answering a broader question, in the wake of Amazon ditching its New York City headquarters plans, about whether some cities and states need to make their tax structures and regulations more attractive to wealthy individuals and businesses.
In Connecticut, "they've driven out all the rich people. California is doing the same thing. I know a lot of rich people who have left California," Munger added. "I think it's really stupid for a state to drive the rich people out. "They are old, they keep your hospitals busy, they don't burden your schools, police departments or prisons. Who wouldn't want rich people?"
California and Connecticut have two of the highest tax burdens in the country, according to WalletHub. The burden in California is 9.57 percent while Connecticut's is 10.19 percent. To be sure, California is home to some of the largest companies in the world, including Apple and Facebook. Meanwhile, Connecticut is the home of some of the largest hedge funds in the world including Bridgewater Associates.
Recently, some lawmakers have been pushing for higher taxes on the wealthy, especially Rep. Alexandria Ocasio-Cortez, D-N.Y. Ocasio-Cortez has proposed a 70 percent marginal tax on incomes over $10 million in an effort to bridge the growing wealth gap between the rich and the poor.
But Munger thinks the divide will slowly bridge itself as interest rates are unlikely to go "much lower" from current levels. By slashing rates and implementing quantitative easing measures a decade ago, the Federal Reserve inadvertently bailed out the rich to help the poor during the financial crisis by boosting asset prices, Munger said.
"Nobody was doing that because they love the rich; they just didn't have any other tools in the kit," he said. The inequality that came from that "wasn't malevolent and it was an accident and it probably won't happen again."