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Story summary
- California proposes the Billionaire Tax Act, a one-time 5% tax on billionaires that could prompt high-net-worth residents to leave the state.
- Washington state enacted a 9.9% tax on incomes over $1 million, while Starbucks founder Howard Schultz moved to Florida.
- New York Governor Kathy Hochul acknowledged tax base erosion and urged the wealthy to return to sustain social programs.
- Critics say these tax policies may worsen the fiscal situation.
