The Billionaire Exodus Newsom Can’t Deny California’s own Governor Gavin Newsom — the progressive darling, the king of climate mandates and COVID lockdowns — just admitted what we’ve been shouting from the rooftops: Wealth taxes don’t work. In fact, a recent state analysis found that while a one-time wealth tax could generate “tens of billions of US dollars” in initial revenue, it could cost California hundreds of millions per year in long-term revenue if high-net-worth residents relocate, reducing the overall tax base and dampening investment. That trend is already influencing decisions now, with reports of billionaires leaving California and shifting assets to lower-tax states in anticipation of the proposal. Faced with a proposal to hit billionaires with a one-time 5%…
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