California’s proposed one‑time 5% wealth tax on billionaires has triggered a massive financial retreat, with an estimated $1 trillion in wealth already moved out of the state as ultra‑rich residents shift assets and business entities elsewhere. Critics warn the measure is accelerating an exodus that undermines the very revenue it seeks to raise, while Gov. Gavin Newsom himself has called the proposal “really damaging” amid reports of billionaires relocating money and operations out of California. Supporters argue the tax targets extreme inequality, but the economic fallout is already reshaping Silicon Valley’s financial landscape.

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