Flawed Prop 40, Not Billionaire Flight, Is California’s Fiscal Problem
California wrote a tax on paper wealth, gave billionaires a date to leave, and then called the design failure a flight of capital. In “California’s Wealth Tax Boomerang”, The Wall Street Journal’s Editorial Board argues that Proposition 40’s one-time 5% tax on residents with more than $1 billion in net worth would trigger departures and produce a forecast net revenue loss of…
2026-10-26 · 4 MIN READ