California's Proposed Billionaire Tax Could Lead to Economic Losses
A proposed referendum in California aims to impose a 5 percent tax on the assets of all billionaires residing in the state. The measure, backed by the Service Employees International Union, has gathered enough signatures to appear on the November ballot. The tax is intended as a one-time levy to support healthcare funding, particularly benefiting members of the SEIU's United Healthcare Workers West affiliate. However, the proposal has already prompted a significant exodus of billionaires from California, including notable figures like Larry Page, Sergey Brin, and Mark Zuckerberg. This departure is expected to result in a substantial loss of future income tax revenue for the state, potentially outweighing the gains from the proposed tax. 
