Only 6 billionaires left California over its proposed wealth tax — but they took $27 billion in potential revenue with them 

Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Last November, panic erupted over the announcement of a proposed billionaire’s tax in California. The tax would levy a one-time 5% tax on the net worth of California residents with assets worth at least $1 billion.