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Top Economists Warn California’s Billionaire Tax Could Backfire, Wealthy Residents Leaving Could Cost the State $39 Billion More Than It Collects: 'Will Not Fulfill the Primary Functions'

Oct 22, 2026 · 09:26 AM ET· updated 1h ago
Top Economists Warn California’s Billionaire Tax Could Backfire, Wealthy Residents Leaving Could Cost the State $39 Billion More Than It Collects: 'Will Not Fulfill the Primary Functions'

Stanford economists estimate California’s billionaire tax could raise $30 billion but trigger exits that cost the state $39 billion net.

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Why It Matters

California made a new tax for very rich people. But experts think some rich people might leave, and that could hurt the state more than it helps.

This read is generated by AI from raw market data and is for education only. It is not financial advice, not a signal, and not a recommendation to buy or sell.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.

Disclosure: Educational and informational purposes only. Not financial advice. We educate, not advise. Market data may be delayed up to 15 minutes unless marked real-time. Past performance is not indicative of future results.