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J.D. Tuccille: Predictably, California’s proposed billionaire tax is driving wealth and opportunity out of state

Historically, people move from high-tax jurisdictions to low-tax havens

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This year, California voters will probably have the chance to vote on a union-sponsored ballot proposal for a “one-time” wealth tax on billionaires. The tax is supposedly to fund healthcare programs, but it appears intended to signal disdain for those who built businesses and accumulated wealth at a time when they are favorite targets of the progressive left.

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In actuality, the tax will collect far less than promised while driving wealthy people out of the state. And it’s likely to become a permanent feature of California policy, weighing down the state’s economic prospects.

J.D. Tuccille: Predictably, California’s proposed billionaire tax is driving wealth and opportunity out of state Back to video

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According to a summary by the California state Legislative Analyst’s Office, if the tax passes, “Billionaires living in California on January 1, 2026 would have to pay a one-time state tax equal to 5 per cent of their net worth.”

The tax........

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