California will regret billionaire exodus, Washington Post editorial warns

The Washington Post's editorial board is warning California that aggressive new taxes on the ultra-wealthy could backfire by driving billionaires out of the state. 

In an editorial published Thursday titled, "California will miss billionaires when they’re gone," the Post’s editorial board argued that the state risks serious economic consequences by pushing wealthy residents away.

The board compared California’s tax approach to teenage boys using cologne, arguing that while some taxation is necessary...