03.25.21 A wealth tax could sabotage California’s recovery

Excerpted from CalMatters

By Cottie Petrie-Norris, Tom Daly, Tim Grayson, Sharon Quirk-Silva, James Ramos, Carlos Villapudua and Blanca Rubio, Special to CalMatters

Feeling overtaxed and frustrated with the cost of doing business in California, some of the state’s wealthiest residents abruptly moved out of state in recent months.

Elon Musk, the world’s richest person, went to Texas, which has no income tax. Billionaire Larry Ellison, the CEO of software giant Oracle, moved to Hawaii and relocated his company headquarters to Texas.

While there may not be much sympathy for executives who are choosing to leave our beautiful state, the exodus of these jet-setters has painful consequences for all Californians.