Californian billionaires flee potential one-off 5% wealth tax

The ballot initiative is still just a proposal: It has not yet received the 874,000 signatures required for it to be put to a vote by Californians in November, and the state’s Democratic governor, Gavin Newsom, does not support it. Nevertheless, the initiative has threatened to drive the Silicon Valley billionaires out of the state.

Known as the “2026…