Billionaires are leaving California and heading to Nevada to escape a proposed wealth tax that could cost them hundreds of millions of dollars, Business Insider reported.
The Billionaire Tax Act, expected to appear on the Golden State’s November ballot, would impose a one-time 5% charge on the total assets of any resident whose net worth tops $1 billion. If voters approve it, the law would apply retroactively to anyone who lived in California as of Jan. 1.
That deadline prompted some of the state’s richest people to move fast. Don Hankey, chairman of Hankey Group and a Californian, closed on a $21 million penthouse near Las Vegas at the start of January. His estimated fortune sits at $8.2 billion. The proposed tax would cost him roughly $410 million…