Lawyer: Billionaire departures may have cost California $1 trillion
An attorney for wealthy clients says moves by several prominent billionaires to other states to avoid a proposed California billionaire tax may have deprived the state of more than $1 trillion in tax revenue.
An attorney for high-net-worth individuals says several notable billionaires left California to escape a proposed billionaire tax. The lawyer estimates those relocations may have already cost the state in excess of $1 trillion in potential tax revenue.