Red states gain billions in income as California faces population decline amid proposed billionaire tax targeting assets over $1 billion nationwide.
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California’sfightovertaxesandregulationiscollidingwithabroadereconomicshift,aswealthyresidentsandentrepreneurstaketheirmoneyelsewhere—deliveringawindfallofcapital,jobsandtaxpayerstored-statecompetitors.
Thatshiftisalreadyvisibleinmigrationpatternsacrossthecountry.
From2021to2024,TexasandFloridapostedthelargestnetpopulationgains,whileCaliforniaandseveralnortheasternstatesrecordedsomeofthesteepestlosses,accordingtoIRSandU.S.CensusBureaudata.
CALIFORNIAWEALTHTAXPROPOSALHEMORRHAGES$1TASBILLIONAIRESFLEE
ThosemigrationtrendsarenowcollidingwithapoliticalfightoverhowtheGoldenStatetaxesitswealthiestresidents.
AtthecenterofthecontroversyisaproposedballotinitiativebackedbytheServiceEmployeesInternationalUnionthatwouldimposeaone-time5%wealthtaxonCalifornianswithassetsexceeding$1billion,includingunrealizedgains.
IfthemeasurequalifiesfortheNovemberballotandisap
