Unprecedented. Extreme. Full of Unintended Consequences.

This tax would rain a wealth of unintended consequences

“The consequences of a one-time (supposedly) 5 percent tax on the net worth of billionaires are already arriving. Some of California’s wealthiest, who constitute a large portion of the state’s precarious fiscal base, are leaving. The richest 1 percent of taxpayers supply about 40 percent of the state’s personal income-tax revenue.”

California’s Golden Goose Is Already Flying the Coop

“The state’s tax base is being hollowed out even before the ‘wealth tax’ qualifies for the ballot.”

“Should the tax be enacted and later struck down by the courts, Sacramento could face the daunting prospect of refunding tens of billions of dollars in previously collected taxes, plus interest, after the money has already been spent—as the initiative requires. That would transform an already difficult fiscal situation into a budget crisis.”

Massachusetts loses billions in income after millionaire tax

The math being used by the wealth-tax crowd is wrong

“The wealth tax will not save the hospitals. It will not fix Medi-Cal. It will accelerate the departure of a taxpayer base California is already dangerously dependent on. Real fiscal problems require honesty. Contrary to what you are told by eminent economists, this wealth tax isn’t one.”

The ‘billionaire tax’ is a nightmare for California’s finances — and that’s only the beginning

“California’s proposed ‘billionaire tax’  will collect less than half of what is promised — with a net fiscal effect that will leave the state in worse shape.

The state is attempting a crazy fiscal experiment: seeing how much revenue it can raise by aiming a large tax at a small group of people who are superbly well-equipped to move themselves — and their money — somewhere else.”

Another Billionaire Confirms California Exit: Uber Co-Founder Kalanick

“Uber co-founder Travis Kalanick said he moved to Texas in December, adding to the list of billionaires who have left California ahead of a proposed wealth tax.”

Billionaire Tax Could Cost the State $25B

“California’s proposed one-time tax on billionaires could cost the state 25-billion dollars after considering lost income tax revenue.  Researchers at the Hoover Institution say the tax would also only bring in about 40-billion dollars, far less than the 100-billion supporters of the tax expect.”

California Billionaire Wealth Tax Would Cost the State $25 Billion, New Research Finds

“If Californians approve this measure in November, they may discover too late that the wealth they hoped to tax has already left the state—with jobs and economic opportunities not far behind.”

Gavin Newsom Vows to Stop Proposed Billionaire Tax in California

“Still, losing tax revenue from wealthy residents would have ramifications for the state budget, Mr. Newsom said — ones that would last longer than the windfall from the proposed tax.”

California Voters Hate the ‘Terribly Drafted, Illegal’ Billionaires’ Tax, New Poll Shows

“‘A majority of voters feel the wealth tax will be ineffective and not make a difference in the gap between the extremely wealthy and everyone else,’ pollsters write in their report.”

Billionaire Tax Plan Draws Fire From California Top Democrats

“To Porter, who’s known for progressive stances on consumer protections and health care, forcing California billionaires to pay a one-time 5% tax ‘could end up hurting our ability to fund other key priorities like education and food assistance and make it harder to sustainably fund California‘s needs.’”  

“[I]t could end up costing the state hundreds of millions per year in long-term revenue”  

“Tom Steyer, also a billionaire, said he supports a national wealth tax but warned of ‘unintended consequences’ on the California measure…”

The Proposed California Wealth Tax Is Far Higher than 5 Percent

“This could send stock prices plummeting to the detriment of tech employees and investors of all stripes, including ordinary workers whose 401(k)s would take a beating…”



“[I]f the tax appears poised for passage, [it would] depriv[e] the state of jobs, investment, and existing tax revenue from some of the key players in California’s economy.”

Gavin Newsom Comes Out Swinging Against California Billionaire Tax

“[I]t would isolate California from the rest of the country.”

Calif. Loses Mind-Boggling $1 Trillion in Wealth in Past Month Alone Over Fears of ‘Billionaire Tax’: Wealth Guru

California’s Billionaire Tax Ballot Proposal Is Killing Golden Geese

Gavin Newsom Is Right to Oppose California Wealth Tax Ballot Proposal

Gov Field Isn’t Buying the Wealth Tax

San Francisco Mayor Opposes California’s Proposed Billionaire Tax: ‘People Can Up and Flee’

“Everybody should be paying their fair share,’ Lurie said. ‘But if people can up and flee, I’d rather see something done at the national level.”

Democratic Mayor of San Jose Matt Mahan Opposes Billionaire Tax

Knives Are Out for California’s Golden Goose

“[T]he union is using the threat of a ballot initiative to negotiate more healthcare money from the state budget.”

California 2026 Billionaire Tax Act | Thought Leadership

The High Cost of Wealth Taxes

“Countries have repealed their wealth taxes for a variety of reasons. They raise little revenue, create high administrative costs, and induce an outflow of wealthy individuals and their money. Many policymakers have also recognized that high taxes on capital and wealth damage economic growth.”



“A wealth tax reduces wages, destroys jobs, and reduces the stock of capital. All income groups are worse off under a wealth tax due to decreased economic activity.”

California’s “Billionaire Tax” is Not Genuine – or Smart – Tax Policy

‘Billionaire tax’ will haunt California even if voters reject it

“In a state with a long history of deeply flawed ballot measures, the SEIU may have come up with the worst of all. And even if voters figure this out and turn it down, the proposal will add to the state’s fiscal woes for decades to come.”