Billionaire Tax Could Cost California

California’s Billionaire Tax Act, a one-time 5% wealth tax targeting the state’s ultra-rich, is headed to the ballot in November, promising $100 billion to plug budget gaps in schools, healthcare, and food aid. Supporters argue it’s long overdue to make the wealthy pay their fair share amid a $16.9 billion deficit and rising inequality. But critics warn it could trigger a mass exodus of billionaires, risking job losses and economic damage — with some, like Mark Zuckerberg, already relocating. Even the mere threat of the tax may have already cost the state a trillion dollars in lost revenue. The debate boils down to a high-stakes gamble: fairness versus economic survival. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/1574b5c1dbafaa99