Lawyer: Billionaire Tax Could Cost California $1 Trillion
- Several billionaires have moved out of California to avoid the proposed billionaire tax, potentially costing the state over $1 trillion in tax revenue, according to attorney David Lesperance.
- David Lesperance said four clients contacted him right after Thanksgiving expressing urgency about leaving California to escape the tax.
- The proposed tax, suggested by the Service Employees International Union – Healthcare Workers West, is a one-time 5% wealth tax on residents with $1 billion or more in net worth.
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30 Articles
InsideNoVA.com
Lawyer: Billionaire tax could cost California $1 trillion
(The Center Square) – In an effort to escape the proposed California billionaire tax, several notable billionaires might have already cost the state more than $1 trillion in tax revenue by moving to other states, one attorney to the rich…
California’s Tax Showdown: Billionaires Tax, Millionaires Tax, And More On November Ballot
By Angelina Delfin, The Daily Signal | July 20, 2026 A lot is at stake on the November ballot, as Californians will decide whether to approve a series of tax-related ballot measures that could reshape how the state raises and spends money as lawmakers grapple with multibillion-dollar budget deficits. Known as the “billionaires tax,” Proposition 40 would impose a one-time 5% tax on roughly 200 California billionaires.According to the measure, 90%…
California will soon vote on a levy for billionaires. In Germany itself, a majority of the Union's supporters are in favour.
California's Tax Showdown: Billionaires and Millionaires Tax
A lot is at stake on the November ballot, as Californians will decide whether to approve a series of tax-related ballot measures that could reshape how the state raises and spends money as lawmakers grapple with multibillion-dollar budget deficits. Known as the “billionaires tax,” Proposition 40 would impose a one-time 5% tax on roughly 200...
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