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California's Wealth Tax Risks Billionaire Exodus and Revenue Loss

12/23/2025

Summary

Story summary

California faces potential revenue losses if voters approve a wealth tax targeting its 200 billionaires.
Supporters, including SEIU-United Healthcare Workers West, estimate tax could raise $100 billion over five years to fund healthcare and education.
Critics warn that billionaires such as Elon Musk and Tim Cook may relocate to avoid tax, jeopardizing California’s economy.
Tax advisor David Lesperance noted that many billionaires are already planning moves out of California.

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Story summary

California faces potential revenue losses if voters approve a wealth tax targeting its 200 billionaires.
Supporters, including SEIU-United Healthcare Workers West, estimate tax could raise $100 billion over five years to fund healthcare and education.
Critics warn that billionaires such as Elon Musk and Tim Cook may relocate to avoid tax, jeopardizing California’s economy.
Tax advisor David Lesperance noted that many billionaires are already planning moves out of California.