Charlie Munger, Daily Journal Chairman and Berkshire Hathaway Vice Chairman, discusses why he says states should not cater to richer individuals.

Video Transcript

CHARLIE MUNGER: I just see more and more of the rich people leaving. And of course, I think it's vastly stupid for any state to be user-friendly to the rich people. They do way more good than harm. And they lose their money fast enough. You don't need to worry about them.

And so I think-- Washington state is actually considering a wealth tax at the state level. I think that would be insanity. I predict that if they do that, a lot of people will leave Washington.