Source: New York Post
A California billionaire who fled to Las Vegas weeks before the cutoff for the state’s proposed wealth tax is blasting the measure, as more than 100 leading economists, including four Nobel laureates and a former top White House economic adviser, warn it is already driving the rich out of the state. At least seven billionaires, with a combined fortune of nearly $540 billion, about 30% of the state’s billionaire wealth, have already cut ties with California over the proposed tax, according to a Stanford study published last month. Among them is car loan titan Don Hankey told the California Post he left the state last December, just ahead of the residency deadline for Proposition 40’s proposed billionaire tax.
