"But the reality is that most rich people don't abandon the place where they live because they have to pay taxes-and most of the billionaires in this state pay very little in the way of taxes right now. Among those who argue that wealth taxes are a good idea: The Patriotic Millionaires, a group of very rich people who think that very rich people should pay more taxes. (One of them, a former HP exec, says that nobody needs more than $30 million.)"
"First of all, I would say some of the billionaires have already left. They've already left because they want to minimize the possibility that they're going to end up coming under this requirement. If we go forward with the initiative now, it's not going to change that fact. I don't think these guys are going to spend their days going back and forth to Texas depending on what California."
Governor Gavin Newsom is highly concerned that a ballot measure to tax billionaires may qualify for November and that some wealthy donors might leave California. The Chron and the Standard are tracking high-profile departures, with Peter Thiel and Larry Page already relocating. Most wealthy residents, however, typically do not abandon their homes solely because of tax increases, and many California billionaires currently pay relatively little in taxes. The Patriotic Millionaires support wealth taxes and argue the very rich should pay more. Maureen Kennedy said some billionaires have already left to avoid potential requirements and that further departures will not be reversed by blocking the initiative.
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