Billionaires Leaving California Ahead of Proposed Wealth Tax
California's proposed Billionaire Tax Act, set for a November 2026 vote, prompted many billionaires to relocate before the January 1, 2026 residency cutoff. The initiative aims to raise $100 billion through a one-time 5% tax on individuals with over $1 billion in net worth but has seen reduced projected revenue due to early departures.
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Topics: billionaires California politics residency changes taxation