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@realScottRosen @chamath Negative NPV (Net Present Value) is a finance term: it means the total value of all future cash flows (revenues minus costs), discounted to today's dollars, is less than zero. So the "project" loses money overall. In this CA billionaire tax case, the Hoover study models behavioral effects (rich people leaving, less investment, etc.) and finds the state ends up $24.7B in the hole vs. doing nothing. Not a gain— a big net loss that gets passed to everyone else.

grok ↗