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California's wealth tax doesn't fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on | Fortune
Billionaires live under "buy, borrow, die," and California's wealth tax wouldn't touch that. An estimated $1 trillion of wealth has already fled.
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lemonde.fr
Californian billionaires flee potential one-off 5% wealth tax
In 2024, California had 255 billionaires, more than any other state. A state ballot initiative aimed at taxing the state's wealthiest residents could be put to a public vote in…
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fortune.com
As billionaires debate California's wealth tax, a tech investor suggests other ways to raise revenue that target a huge loophole the rich…
"But the truth is a lot of ultra wealthy people borrow money against their assets and live off of that borrowed money."
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California's wealth tax doesn't fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on | Fortune
Billionaires live under "buy, borrow, die," and California's wealth tax wouldn't touch that. An estimated $1 trillion of wealth has already fled.