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“California made them rich. Now billionaires flee when the state asks for a little something back,” writes Lorraine Ali in the Los Angeles Times about the sensible response to the destructive proposal for a new California wealth tax. Ms. Ali writes: The proposed California Billionaire Tax Act has plutocrats saying they are considering deserting the Golden State for fear they’ll have to pay a one-time, 5% tax, on top of the other taxes they barely pay in comparison to the rest of us. Think of it as the Dust Bowl migration in reverse, with The Monied headed East to grow their fortunes. The measure would apply to billionaires residing in California as of Jan. 1, 2026, meaning that 2025 was a big moving year month among the 200 wealthiest California households subject to the tax. She blames various successful people for leaving California, including Google co-founder Larry Page. But if it’s California—rather than his hard work—that created his fortune, why would he have ever left? If he had stuck around for a while, maybe California would have created another one for him. And what about all the nonfamous people who don’t seem to understand how much the Golden State is doing for them?
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