In November, Californians will consider a ballot measure to implement a 5 percent wealth tax on billionaires, which proponents say will generate $100 billion in revenue. It turns out the tax would probably cost the Golden State nearly $25 billion.
That's the result from a new study out of Stanford University's Hoover Institution, which was published earlier this week. In this study, researchers analyzed the reported and unreported departure of billionaires from the state, as well as flaws in the tax proponents' modeling, to find that the law would reduce revenue to the state's coffers.
