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California's 2026 Billionaire Tax is billed as a targeted levy on the state's wealthiest residents, but tax and economic experts warn the measure's ripple effects could impose real costs on Californians who are nowhere near billionaire territory.
The channels of concern are three: erosion of state revenues, eventual pressure for broader tax increases, and corporate departures that shrink the state's economic base.
The gap between the name of the tax and its probable reach is drawing scrutiny before implementation begins.
How a Billionaire Tax Becomes a Broader Fiscal Question The headline simplicity of the proposal — levy the wealthy, generate revenue — obscures the behavioral responses that make such measures harder to score than they appear.
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