Source: Independent Institute
by Daniel Sánchez-Piñol
“This November, voters will decide on the California Billionaire Tax Act (Prop 40), which would retroactively impose a 5 percent tax on the wealth of residents worth more than $1 billion. Its supporters say it could raise $100 billion, even though several billionaires have already left the state or plan to. Beginning in 2020 and intensifying in 2021, a tidal wave of entrepreneurs and businesses left California, including tech billionaires Elon Musk and Larry Ellison. It’s not hard to see why: the state’s high taxes, heavy regulations, and increasingly contentious political climate have made it clear that success is not welcome.” (10/09/26)
https://www.independent.org/article/2026/10/09/hasta-la-vista-baby/