Progressives in California have been pushing for a new ‘billionaire tax’ and even though it hasn’t passed yet, the state is already suffering massive financial consequences.
As in every other time in history, wealthy people hear talk like this and they pack up and leave.
It has been estimated that California has lost upwards of a trillion dollars in the last month alone.
The New York Post reports:
Calif. loses mind-boggling $1 trillion in wealth in past month alone over fears of ‘Billionaire Tax’: wealth guru
California lost a mind-boggling nearly $1 trillion in wealth in the past month alone thanks to fears over its proposed “Billionaire Tax,’’ according to one of the state’s wealthiest residents.
The under-fire measure, which even lefty Gov. Gavin Newsom opposes, would slap a onetime 5% tax on residents worth more than $1 billion as of Jan. 1, 2026.
“Collectively, the amount of Billionaire wealth that has left California in the last month (!) is now in excess of $700B,” fumed venture capitalist and former Facebook exec Chamath Palihapitiya on X on Friday.
“That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly.
“I would not be surprised if 2026 ended with less than $1T of billionaire wealth in California and decades and hundreds of lawsuits,’’ Palihapitiya said of the whopping sum — which is enough to buy the entire NFL several times over and fund NASA at its current annual level for 40 years.
“A complete and total unforced error. Where was the Governor? Where are our leaders??” he raged.
California Republican Kevin Kiley recently appeared on Newsmax and pointed out that even if it passed, this tax would not solve the state’s financial problems.
The proposed “wealth tax” is already causing an exodus from California. It turns out successful individuals would rather not have the government seize their assets simply to create a bigger pot of money for fraud, waste, and corruption. pic.twitter.com/Zz1fkO1urq
— Kevin Kiley (@KevinKileyCA) January 3, 2026
Rather than raising taxes, which are already among the highest in the country, California needs to cut the size of government and spending. They need to do more to attract businesses and wealth to the state, instead of scaring them way.
Mostly, the state needs new leadership. It’s amazing that Gavin Newsom has been able to hold on to his job for this long, despite what he has done to a once great state.
The post REPORT: California Has Lost a TRILLION Dollars in a Month Due to Talk About a New ‘Billionaire Tax’ appeared first on The Gateway Pundit.