https://www.nber.org/papers/w35899
A 2026 California tax on billionaires is projected to generate negative net state revenue. The one-time 5% tax on wealth over $1 billion collects $28–36 billion. However, billionaire departures and income tax losses offset this, resulting in a net present value of -$38.9 billion.
#california #tax #billionaires #revenue #wealtheconomy
A 2026 California tax on billionaires is projected to generate negative net state revenue. The one-time 5% tax on wealth over $1 billion collects $28–36 billion. However, billionaire departures and income tax losses offset this, resulting in a net present value of -$38.9 billion.
#california #tax #billionaires #revenue #wealtheconomy
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