Economist says billionaires tax could cost California $25B
A Stanford economist cautions that California’s proposed billionaires tax could reduce state revenue — potentially as much as $25 billion — if wealthy residents relocate to other states.
A Stanford economist warns that California’s proposed billionaires tax may backfire if wealthy residents move out, potentially costing the state up to $25 billion in lost revenue. The economist says the tax could cost more than it raises if the state’s richest taxpayers relocate to other states.