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International Business Times UK
International Business Times UK
Politics
Daniel Joshua Flores

Tech Billionaires Warn of California Exodus as 5% Wealth Tax Sparks Panic

California has long been the glittering promised land for dreamers and disruptors, but that golden sheen might be fading fast for Silicon Valley's elite. A storm is brewing over the West Coast, and this time, it is not about earthquakes or wildfires; it is about money—billions of it.

The state's wealthiest residents are threatening to pack their bags, spooked by a controversial new proposal that could force them to hand over a significant slice of their fortunes. Tech founders warn this isn't just about taxes; it is a move that could fundamentally reshape where innovation calls home.

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