- California voters may decide on a one-time 5% wealth tax on roughly 200 billionaires to raise about $100 billion over five years, largely to plug health-care funding gaps.
- Economists say billionaires pay a tiny share of their wealth in state income taxes, so even a big exodus wouldn’t wipe out the windfall for years — in some scenarios it could take decades or longer to equal the revenue.
- A few high-profile billionaires have moved out, but it hasn’t been a mass exodus: the statewide billionaire count actually ticked up slightly this year.
The news, distilled into what matters.
Get the full experience in the app — topics, comments, and audio summaries.