California Wealth Tax Proposal Triggers $1 Trillion Investment Loss and Billionaire Exodus
The proposed legislation has reportedly driven high-net-worth individuals to leave the state, resulting in an estimated $1 trillion reduction in local business and capital investment.
Summary
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Terms & Concepts
- Wealth Tax: A levy based on the market value of assets owned by a taxpayer, rather than on their annual income.
- Capital Flight: The rapid outflow of financial assets and money from a region or country, often triggered by unfavorable economic policies or instability.