Californians fear billionaire tax will cause businesses to flee: poll

A majority of California voters fear that the billionaire tax will force businesses to flee the state — as the controversial proposal has only reached 25% of the signatures it needs to make the ballot.

In a new poll, 64% of respondents were worried that the 5% wealth tax on billionaires will drive businesses out of the state. FIfty-four percent were worried about billionaires leaving, while 59% were concerned about the loss of future tax revenue as wealthy taxpayers flee. Sixty-four percent were worried about future tax hikes on the middle class.

Still, half of voters in the UC Berkeley/Politico poll said they would vote for the billionaire tax. Twenty-eight percent said they would vote no, while 23% were undecided.

Support was driven by Democrats, according to Politico — 70% of whom supported the billionaire tax.

“Policy influencers” were much less likely to support the proposed tax than general voters, according to the poll.

The billionaire tax, sponsored by SEIU-United Healthcare Workers West, would impose a 5% tax on the total assets of residents worth more than $1 billion. Proceeds will fund healthcare and educations programs threatened by federal funding cuts, according to proponents.

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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