Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes

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39. Of course they will?

It's a global economy now, and we collectively optimized wealth over the last several decades to be mobile and easy to convert.

These initiatives only really work if everyone does it (no safe haven for you or your $$$ to realistically go to), or people are restrained in moving themselves and/or what they possess (you and your $$$ just plain can't leave, or you can keep more $$$ if you stay than go).

Billionaires and even lowly multi-millionaires have a surplus of smart people from around the planet, all competing with each other to be ones who are paid to preserve and protect their wealth.

California is just one of many really beautiful, exceptional places on the Earth where wealth has recently concentrated, and wealth is portable, so it will probably just be courted and incentivized to move elsewhere, and likely grow when it does...

I don't have an answer, but I doubt this achieves what it intends to do. It's certainly leaning in a better direction than the other guys would go with it, I'll give it that.