The only map you need to see as California's billionaire tax fight heats up
California voters are set to decide whether to slap a new tax on the state's billionaires as IRS data show thousands of taxpayers, and billions of dollars in income, are already flowing out of the Golden State.The outflow is adding fuel to the debate over California's proposed billionaire tax, with Mark Cuban warning Saturday the measure could drive not only wealthy residents but investment and startups out of the state.Cuban's warning came amid a heated back-and-forth with Democratic Rep. Ro Khanna, who has defended the proposed tax.
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California voters are set to decide whether to slap a new tax on the state's billionaires as IRS data show thousands of taxpayers, and billions of dollars in income, are already flowing out of the Golden State.The outflow is adding fuel to the debate over California's proposed billionaire tax, with Mark Cuban warning Saturday the measure could drive not only wealthy residents but investment and startups out of the state.Cuban's warning came amid a heated back-and-forth with Democratic Rep. Ro Khanna, who has defended the proposed tax. The billionaire investor threatened to steer future investments away from California if the measure moves forward.The clash comes as California is already experiencing significant taxpayer outflows, according to the latest IRS data compiled from federal tax returns.AMERICA'S TOP DESTINATION FOR NEW TAXPAYERS IS QUIETLY GETTING POORER, IRS DATA REVEALSLos Angeles County, home to Hollywood and one of the nation's largest economic engines, led the nation in taxpayer losses, with a net 17,496 tax filers leaving for other states. Those departing taxpayers took nearly $1.9 billion in income with them.Other California counties also saw significant outflows.
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- What's the story?
- California voters are set to decide whether to slap a new tax on the state's billionaires as IRS data show thousands of taxpayers, and billions of dollars in income, are already flowing out of the Golden State.The outflow is adding fuel to the debate over California's proposed billionaire tax, with Mark Cuban warning Saturday the measure could drive not only wealthy residents but investment and startups out of the state.Cuban's warning came amid a heated back-and-forth with Democratic Rep. Ro Khanna, who has defended the proposed tax.
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- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 3m ago.
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The only map you need to see as California's billionaire tax fight heats up
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