California's Wealthiest Flee State Amid Ramping Up of Billionaire Tax

A political earthquake is unfolding in California as the state's wealthiest residents are abandoning ship due to the newly implemented wealth tax. The high-net-worth individuals are fleeing with their capital, resources and companies, leaving behind a significant economic impact on the state. This exodus was largely predictable given the new tax's steep rate of 1% on net worth above $2 million. As a result, California will likely lose billions of dollars in revenue and talent to other states that do not have similar taxes.