More than 100 economists warn California's 'billionaire tax' is ALREADY driving the rich out as voters prepare for Tuesday's ballot
California's proposed wealth tax would target unrealised capital gains and large fortunes directly, with analysts warning a "yes" vote could accelerate the exodus of high-net-worth residents.Mark Zuckerberg and his wife as Proposition 40, a one-off 5 percent levy on Californians worth more than $1.1 billion, faces a Tuesday vote with polls showing limited support.
More than 100 economists, including four Nobel laureates, signed an open letter urging Californians to reject Proposition 40 before Tuesday's vote, warning that seven billionaires controlling nearly $540 billion — roughly 30% of the state's billionaire wealth — have already left, according to a Stanford study.
Car loan billionaire Don Hankey told reporters he fled to Las Vegas in December, saying California 'really didn't want me to stay there with my companies.'
Google co-founder Sergey Brin, facing an estimated $13.3 billion liability should Proposition 40 pass, has poured over $100 million into the campaign against it.
