The billionaires’ wealth tax: a catastrophe for California?

“Nothing brings tech titans together like taxes,” said Margaux MacColl in The San Francisco Standard. And right now, the moguls are united in rage about a mooted wealth tax in California, which, they warn, could destroy Silicon Valley’s startup ecosystem and lead to the next great tech company being built in China.

The ballot initiative, proposed by a healthcare workers’ union, will be put to a vote in November, provided it secures the requisite number of signatures. If passed into law, it would impose a one-time...