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California Wealth Tax Proposal Sees $1 Trillion Loss as Billionaires Exit

The proposed tax measure has reportedly coincided with an exodus of billionaires, reducing California's potential taxable wealth by $1 trillion.

Summary

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Terms & Concepts
  • Wealth Tax: A tax imposed on an individual's net worth, including assets such as cash, real estate, and investments.
  • Taxable Wealth: The total value of a person's assets that is subject to taxation after deductions or exemptions.