1 Day
Source:
The Fiscal Times
Stanford warns of revenue loss from California billionaire tax
California voters are considering a proposition to impose a one-time 5% tax on billionaire wealth to fund healthcare. However, economists warn that wealthy individuals have already moved out of the state, potentially reducing the tax revenue from an estimated $100 billion to about $30 billion, and causing significant annual income tax losses. These losses could outweigh the tax's benefits if billionaires continue relocating, with estimates of $1 billion to $3.5 billion in annual revenue declines. Supporters, including healthcare workers’ unions, argue the tax is necessary to prevent healthcare system collapse, while some economists support the measure citing its potential to boost public spending.
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