California Millionaires Hatch Escape Plans Over Fears [that] the Billionaire Tax Won’t Stop at Ultra-Rich: Wealth Guru
24th June 2026
Mere millionaires in California are now eyeing the exits over fears that a billionaire tax could be tweaked to target smaller fortunes, a tax advisor to the mega-rich revealed.
Ah, people who learn from history: A rare breed.
The proposed 5% wealth tax on billionaires was just cleared for the November ballot this week — but California’s millionaires were already spooked about the ramifications of the controversial proposed levy, said David Lesperance, a tax advisor to high-net-worth families.
You don’t wait until the tiger is at your door before you escape out the back.
Now the tax guru told The Post that it isn’t just billionaires hatching plans to potentially exit California over the controversial proposal, backed by SEIU-United Healthcare Workers West and lefty pols like Vermont Sen. Bernie Sanders.
The income tax was introduced as ‘a little tax targeting the rich’ and now soaks up about a quarter of everyone’s income. Statists—and all socialists are statists—never lose their appetites for spending other people’s money.