Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them

Hentenza · Mar 17, 2026

Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them | Fortune

Larry Page and Sergey Brin alone account for $25 billion of that lost revenue—and billionaires are now funding a campaign to kill the tax entirely.

fortune.com

wing2000 · Mar 17, 2026

"...and billionaires are now funding a campaign to kill the tax entirely."

Our corrupt politics.....

The Times analysis found that 300 billionaires and their immediate family members donated more than $3 billion — 19 percent of all contributions — in federal elections in 2024, either directly or through political action committees.

Five presidential elections ago, before the Supreme Court’s 2010 ruling that lifted many remaining campaign finance restrictions, the share of billionaire spending was almost zero — 0.3 percent, to be precise.

The billionaire families gave an average total of $10 million each in 2024, an amount roughly equal to what 100,000 typical political donors gave, combined. And that does not count money that billionaires contributed through dark money groups that do not have to disclose their donors.

https://www.nytimes.com/2026/03/09/us/billionaires-federal-election-campaign-contributions.html

Light of the East · Mar 17, 2026

One can only fear for these people and their shriveled souls when they appear at the Judgment Seat of Christ.

GoldenBoy89 · Mar 17, 2026

Hentenza said:
Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them | Fortune

Larry Page and Sergey Brin alone account for $25 billion of that lost revenue—and billionaires are now funding a campaign to kill the tax entirely.

fortune.com

Yeah… 6 people should not have that much sway over a state of over 39 million.

Good riddance to bad neighbors.

Say it aint so · Mar 17, 2026

Hentenza said:
Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them | Fortune

Larry Page and Sergey Brin alone account for $25 billion of that lost revenue—and billionaires are now funding a campaign to kill the tax entirely.

fortune.com

From that article:

"“We’ve got more millionaires and billionaires than we’ve ever had, and they’re paying, effectively, a 4% tax rate,” Rep. Brianna Thomas, a Democrat who supported the measure, previously told Fortune. “Meanwhile, you got working folks paying 11% of their income, and the lowest-income people paying 14%. Isn’t it unfair for those who have the most, to pay the least, and those who have the least to pay, the most, proportionally?”

"Effective rate" those working folks can't pay off lawmakers for tax credits and carve outs. The Dems, always bad at messaging, shouldn't be calling for raising taxes, just take away those "only the rich can buy them" tax loopholes. Working folks will understand.

Nithavela · Mar 17, 2026

Hentenza said:
Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them | Fortune

Larry Page and Sergey Brin alone account for $25 billion of that lost revenue—and billionaires are now funding a campaign to kill the tax entirely.

fortune.com

Sounds like a 73 billion dollar success.

essentialsaltes · Mar 17, 2026

Looks like the ballot proposition has so far gotten 25% of the signatures it needs to make the ballot. But (like so many ballot initiatives) it doesn't seem all that smart. One of the problems with California's budget is that so many pots of money are dedicated to one and only one potential use, so lawmakers can't shift priorities easily.

This proposition seems to be no different and maybe worse than most. "Allocates 90% of these tax revenues for health care, 10% for food assistance or education-related programs; prohibits using revenues to replace existing funding for these purposes. Exempts such tax revenues from constitutional requirements for school funding, budget reserves, and state spending limit."

I'll probably be a no if it makes it on the ballot.

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Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them

Hentenza

I will fear no evil for You are with me