If They Leave,
You Foot the Bill
The billionaire tax sounds like it only affects the ultra-wealthy. But when billionaires relocate, the tax burden doesn't disappear—it shifts to you.
California is already losing hundreds of billions in wealth. When billionaires take their businesses and investments elsewhere, middle-class families will be left holding the bag.
The Math Doesn't Work
The Promise
$100 Billion
Proponents claim the tax will generate $100 billion in revenue for education and healthcare.
The Reality
$20-40 Billion
After capital flight (Page, Brin, Thiel already exited), legal challenges, market volatility, and administrative costs consuming 15-30% of revenue, actual collections will be far less.
That leaves a $60-80 billion hole in the budget. The LAO already estimates a $20-35B annual structural deficit. The top 1% contribute 40-50% of state income tax revenue. Guess who fills the gap when they leave?
What Happens When Revenue Falls Short
Higher Taxes on Everyone
When the state faces budget shortfalls, it doesn't cut spending—it raises taxes. Income taxes, sales taxes, property taxes. All of them will go up to make up for the lost revenue.
Reduced Services
Schools, roads, public safety, healthcare. When revenue doesn't materialize, these are the first things to get cut. Your family will feel it.
Lost Jobs
When billionaires relocate, they take their businesses with them. That means fewer jobs, less investment, and a weaker economy for everyone.
The Domino Effect
When billionaires leave, it's not just their wealth that disappears. It's everything they supported.
Income Tax Revenue
Billionaires pay millions in state income taxes. When they leave, that revenue disappears forever.
Property Taxes
High-value properties generate significant property tax revenue. Relocated billionaires take that with them.
Business Investment
When businesses relocate, they take jobs, contracts, and economic activity with them.
Philanthropy
Charitable giving, community investments, and local support all disappear when they relocate.
The Bottom Line
When billionaires leave California, they don't just take their wealth tax payments. They take their entire economic contribution—income taxes, property taxes, business investments, and jobs. The state loses far more revenue than the wealth tax would ever generate. And you're left to make up the difference.
What This Means for Your Family
Higher Property Taxes
When the state needs revenue, property taxes are an easy target. Your home's assessed value could increase, and tax rates could go up to fill budget gaps.
Expect to pay hundreds or thousands more each year.
Cuts to Education
When promised revenue doesn't materialize, education budgets get slashed. Larger class sizes, fewer programs, outdated textbooks.
Your children's education will suffer.
Reduced Healthcare Access
Medicaid funding, public health programs, and hospital support all depend on state revenue. Budget shortfalls mean longer wait times and fewer services.
Your family's health is at risk.
It's Already Happening
Google co-founders Larry Page and Sergey Brin have already relocated their tax residency out of California. Peter Thiel has left. Hundreds of billions in wealth have already fled the state.
These aren't hypothetical scenarios. The exodus has begun. And every billionaire who leaves makes the financial burden on middle-class families that much heavier.
The Hidden Costs You'll Pay
Lost Job Opportunities
When billionaires relocate, they take their companies with them. That means fewer jobs in California, less competition for workers, and lower wages. Your job security and earning potential both suffer.
Higher Sales Taxes
When the state needs revenue, sales taxes are an easy target. Every purchase you make—groceries, gas, clothes, everything—will cost more. The burden falls disproportionately on middle-class families who spend a larger share of their income.
Declining Home Values
When the economy weakens and jobs disappear, home values decline. Your biggest asset—your home—loses value. But your property taxes? Those stay high or go higher to make up for lost revenue.
Legal Costs
The wealth tax faces serious constitutional challenges. Years of litigation will cost taxpayers millions in legal fees—money that could have gone to schools, roads, or healthcare. You'll pay for lawyers to fight a tax that may never collect a dime.
The Wake-Up Call
Proponents of the billionaire tax want you to believe it's a free lunch. They promise $100 billion in revenue with no consequences. But that's not how it works.
When billionaires leave, you foot the bill. Higher taxes. Reduced services. Lost jobs. A weaker economy. All of it falls on middle-class families who can least afford it.
The math is simple: California loses far more revenue when billionaires relocate than it would ever gain from a wealth tax. And you're left holding the bag.
This isn't about billionaires. It's about your family's financial security, your children's education, and your community's future. When they leave, you pay the price.
Stay Up To Date
Get the latest updates on California's 2026 Billionaire Tax proposal, signature gathering progress, policy developments, and opportunities to get involved. We'll keep you informed without overwhelming your inbox.
We respect your privacy. Unsubscribe at any time.