California’s billionaire tax plan will backfire
Over the past 50 years the state has become overly reliant on a few deep pockets that it cannot afford to lose
Over the past 50 years the state has become overly reliant on a few deep pockets that it cannot afford to lose

In America’s federal system, the rich can easily shift to more competitive states

The proposed levy on people worth 10 figures and above has rattled Silicon Valley and split Democratic leaders

Lobbyists watered down legislation that would have frozen investor-owned firms out of largest state

A proposed tax referendum has Silicon Valley leaders making plans to leave the state

High costs have created a self-reinforcing exodus of business and workers

Calpers believes private markets will outperform in the long term. Sceptics question its strategy