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California’s proposed one-time tax on billionaires could cost the state 25-billion dollars after considering lost income tax revenue. Researchers at the Hoover Institution say the tax would also only bring in about 40-billion dollars, far less than the 100-billion supporters of the tax expect. Six billionaires have already left California, taking nearly 30 percent of billionaire wealth with them. The billionaire tax would charge five percent on Californians with a worldwide net worth over one billion dollars. It would be the first major wealth tax in U.S. history if it passes.
