Stanford economists say California billionaire tax may leave state $39 billion poorer

Stanford economists have cautioned that California's proposed billionaire tax could raise only about $30 billion rather than the roughly $100 billion originally expected. Their analysis projects that the state's tax base could shrink by around 30% as wealthy residents relocate elsewhere. That outflow could erode income tax revenue significantly over time. The researchers estimate the long-term net loss at approximately $39 billion.