Billionaires fleeing California's wealth tax could cost the state more than the levy makes, Stanford economists say

Source: Business Insider

A Stanford paper warns that California could lose more in future income taxes than it would raise from a one-time billionaire tax. Stephen Lam/San Francisco Chronicle via Getty ImagesSeveral billionaires have left or plan to leave California over its proposed wealth tax. The departures could mean that the state loses more in the long term than the one-time tax brings in.