Californians Concerned Over Potential Business Exodus Due to Proposed Billionaire Tax, New Poll Reveals

A significant number of California voters express concern that the proposed billionaire tax could lead to an exodus of businesses from the state. This controversial measure has only garnered 25% of the necessary signatures to appear on the ballot.

According to a recent poll, 64% of participants fear that the 5% wealth tax targeting billionaires might drive businesses away. Additionally, 54% worry about the potential departure of billionaires themselves, while 59% are anxious about losing future tax revenue if wealthy individuals leave California. Furthermore, 64% are apprehensive about possible tax increases on the middle class in the future.

Despite these concerns, half of the voters surveyed in the UC Berkeley/Politico poll indicated they would support the billionaire tax. In contrast, 28% opposed it, and 23% were undecided.

Support for the tax is notably strong among Democrats, with 70% in favor, as reported by Politico.

The poll also revealed that “policy influencers” are significantly less inclined to back the proposed tax compared to the general public.

The billionaire tax initiative, championed by SEIU-United Healthcare Workers West, aims to levy a 5% tax on the total assets of individuals with net worths exceeding $1 billion. Proponents argue that the funds raised would support healthcare and education programs at risk due to federal funding cuts.

In a filing dated Feb. 22, the campaign reported that it had collected 25% of the roughly 874,000 signatures it needs to quality for the November ballot.

The deadline to submit signatures is June 24, according to the Secretary of State.

High-profile backers of the tax include Vermont Sen. Bernie Sanders, who campaigned in Los Angeles last month in support of the much-maligned wealth tax proposal.

A bevy of California billionaires have bought up homes outside the state or made other moves to oppose the tax.

Luxury brokers in Florida have been fielding calls left and right from California tech barons and their associates inquiring about purchasing property in exclusive Miami, the Los Angeles Times reported.

Meta founder Mark Zuckerberg and his wife, Priscilla Chan, dropped $170 million for a two-acre estate on Miami’s elite Indian Creek.

Other billionaires who have reportedly moved assets out of California include Google co-founders Larry Page and Sergey Brin.

While the billionaire tax is meant to be a one-time levy on wealthy people’s assets, only 44% of those polled were confident it would not be repeated.

The UC Berkeley/Politico poll was conducted between Feb. 25 and Mar. 3 and surveyed 1220 registered voters.

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