Roundup: The billionaire tax / Big bucks / Cash out

Capital exodus? As a so-called “billionaire tax” looms in California, the firms of two high-profile California investors announced on New Year’s Eve they are establishing new offices out of state, The Wall Street Journal reports. Despite the timing, no mention was made of the proposed ballot initiative from a California health care union that would impose a one-time, 5% tax on the assets of those with net worths above $1 billion who lived in the state as of New Year’s Day. The tax would apply to assets like ...