"California has billionaires on the brain. Last week union activists, hoisting giant cutouts of money bags and a cigar-smoking boss, announced a proposal to raise Los Angeles city taxes on companies with "overpaid" chief executives. They rallied in front of a symbol of the uber rich: the futuristic, steel-covered Tesla Diner owned by Elon Musk, the world's richest man. Meanwhile, a "billionaire tax" proposal prompted some of the wealthiest Californians to consider fleeing the state,"
"amid arguments that they would take their tax revenue - and the companies they run - with them, hurting the ordinary residents the proposal is designed to help. The focus on taxing the richest of the rich comes amid a growing affordability crisis in California, home to the nation's most expensive housing market and highest income tax. More than 200 billionaires reside in California,"
Union activists in Los Angeles proposed raising city taxes on companies with overpaid chief executives and staged a protest at the Tesla Diner owned by Elon Musk. A statewide billionaire tax measure has prompted some wealthy Californians to consider leaving, with concerns that an exodus would remove tax revenue and businesses, harming ordinary residents. California faces a severe affordability crisis, hosting the nation's most expensive housing market and highest income tax. More than 200 billionaires live in California, and their combined wealth rose from $300 billion in 2011 to $2.2 trillion by October 2025, widening wealth concentration while many residents struggle to afford homes.
Read at Los Angeles Times
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