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Mark Cuban warns California billionaire tax could hurt investment
Fox News • • nation
Key Points:
- California voters will decide on a proposed one-time 5% wealth tax targeting billionaires with net worths over $1 billion, aiming to raise funds for healthcare and education.
- Recent IRS data reveals significant taxpayer outflows from California, with Los Angeles County losing nearly 17,500 filers and $1.9 billion in income, raising concerns about the state's tax policies.
- Billionaire investor Mark Cuban warned the tax could drive not only wealthy residents but also investment and startups out of California, threatening the state's economic competitiveness.
- Democratic Rep. Ro Khanna defends the proposed tax, but critics argue it may exacerbate the existing trend of wealth and investment moving to states like Texas and Florida.
- The ballot initiative, backed by the Service Employees International Union, would apply retroactively to residents as of January 1, 2026, intensifying the debate over California's fiscal future.
