California millionaires hatch escape plans over fears the billionaire tax won’t stop at ultra-rich: wealth guru

Source: New York Post

Mere millionaires in California are now eyeing the exits over fears that a billionaire tax could be tweaked to target smaller fortunes, a tax advisor to the mega-rich revealed. The proposed 5% wealth tax on billionaires was just cleared for the November ballot this week — but California’s millionaires were already spooked about the ramifications of the controversial proposed levy, said David Lesperance, a tax advisor to high-net-worth families. Now the tax guru told The Post that it isn’t just billionaires hatching plans to potentially exit California over the controversial proposal, backed by SEIU-United Healthcare Workers West and lefty pols like Vermont Sen.