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California's Billionaire Tax Sparks Fears of Wealth Exodus

1/29/2026

31 5 Full Breakdown

Summary

Story summary

Critics warn California's proposed billionaire wealth tax could trigger capital flight.
France experienced this risk from 2000 to 2017, losing about 60,000 millionaires.
Removing the tax aimed to boost investment but increased wealth inequality and reduced state revenues.
Teamsters California supports a one-time 5% tax on billionaires to protect workers, while some billionaires, including the founders of Google, relocate to avoid it.

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Story summary

Critics warn California's proposed billionaire wealth tax could trigger capital flight.
France experienced this risk from 2000 to 2017, losing about 60,000 millionaires.
Removing the tax aimed to boost investment but increased wealth inequality and reduced state revenues.
Teamsters California supports a one-time 5% tax on billionaires to protect workers, while some billionaires, including the founders of Google, relocate to avoid it.