Why California's Billionaire's Tax is 'spooking' its millionaires now

AI Summary

California's proposed billionaire tax is causing concern among millionaires who fear it may extend to smaller fortunes including the middle class. The proposal's author Emmanuel Saez suggests the levy could become permanent, escalating worries and prompting exit plans.

California’s proposed "billionaire tax" is prompting millionaires to plan their exits. A New York Post report reveals fears that the levy could eventually target smaller fortunes. Concerns escalated after proposal author Emmanuel Saez suggested the tax might become permanent, while a business memo warned it could eventually impact the middle class.