GlobalNews411

Comprehensive reporting, aggregated for speed.

allentown

Economists Say California 'Billionaire Tax' Could Harm State Economy

Experts warn the proposed billionaire tax might shrink incomes and cut California's tax base by as much as $5 billion.

Published Oct 20, 2026, 8:30 PM EDT | WFMZZ

Economists told The Center Square this week that California’s proposed billionaire tax could undermine the state's economy. They warned it could reduce the income taxpayers can earn and shrink the state's tax base by as much as $5 billion.