Why California’s Billionaire’s Tax is ‘spooking’ its millionaires now

 California’s proposed “billionaire tax” is prompting millionaires to plan their exits. A New York Post report reveals fears that the levy could eventually target smaller fortunes. Concerns escalated after proposal author Emmanuel Saez suggested the tax might become permanent, while a business memo warned it could eventually impact the middle class. California’s proposed “billionaire tax” is prompting millionaires to plan their exits. A New York Post report reveals fears that the levy could eventually target smaller fortunes. Concerns escalated after proposal author Emmanuel Saez suggested the tax might become permanent, while a business memo warned it could eventually impact the middle class.