As Californians gear up to cast their votes on Proposition 40, which suggests a one-time tax on billionaires, notable figures like Larry Page have relocated their businesses far from the state’s reach to evade this tax burden. While the tax could potentially rake in $100 billion, the exodus of these wealthy individuals—who would collectively owe around $29 billion—poses a serious threat to California’s expected income from this tax initiative. As Californians gear up to cast their votes on Proposition 40, which suggests a one-time tax on billionaires, notable figures like Larry Page have relocated their businesses far from the state’s reach to evade this tax burden. While the tax could potentially rake in $100 billion, the exodus of these wealthy individuals—who would collectively owe around $29 billion—poses a serious threat to California’s expected income from this tax initiative.
