Californians want to tax billionaires. They're threatening to leave.

Core Viewpoint - A proposed Billionaire Tax in California aims to impose a one-time 5% wealth tax on approximately 200 billionaires, potentially raising $100 billion, but faces opposition from state officials and some billionaires [1] Group 1: Public Opinion and Political Response - The billionaire tax has garnered support from half of California voters, with 28% opposing it, according to a UC Berkeley and Politico survey [2] - California Governor Gavin Newsom is against the tax, and several prominent billionaires have expressed intentions to relocate to avoid it [2] Group 2: Potential Exodus of Billionaires - Notable billionaires considering moving include Google co-founders Larry Page and Sergey Brin, PayPal co-founder Peter Thiel, and venture capitalist David Sacks, with Meta founder Mark Zuckerberg reportedly looking at Florida [3] - Billionaire Chamath Palihapitiya claimed that Californians with a collective worth of $700 billion have already left the state [3] Group 3: Criticism of the Tax Proposal - Critics argue that the potential exodus of billionaires could undermine the tax's revenue-raising goals, as their departure would reduce the taxable base [4] Group 4: Broader Context of Wealth Taxes - The California billionaire tax reflects a growing trend of wealth taxes in progressive states, with Massachusetts enacting a 4% surtax on incomes over $1 million, generating $2.5 billion in its first year [5] - Washington state has approved a 9.9% tax on income over $1 million, projected to raise $3.4 billion annually, while New York City plans to increase its top tax rate for high earners from approximately 3.9% to 5.9% [6] - The concept of taxing the wealthy has gained popularity amid rising income inequality [6]