Mark Cuban predicts California's proposed 5% billionaire tax will cause companies and wealthy individuals to relocate, ultimately costing the state more in lost tax revenue and economic activity.
“I think it's gonna cost them more. They'll say, look. People say, well, you're a billionaire. Right? Well, look, you're already getting people moving. You're getting companies moving.”
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Our resolution criterion
disputableMeasurable net outflow of billionaires, major companies, or significant tax base from California following implementation of the 5% billionaire tax, with economic impact analysis showing net negative revenue or job loss.
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