California's billionaire tax: what's at risk for America's biggest state economy
California's proposed billionaire tax could generate quick revenue for the state. But Norway's experience shows the longer-term economic impact of targeting wealthy residents remains uncertain.
California lawmakers are weighing a new tax proposal aimed at the state's wealthiest residents. Supporters argue the measure would deliver a fast and substantial boost to state revenue.
Critics point to Norway's experience with a similar approach. After Norway raised its wealth tax, a number of billionaires left the country, narrowing the long-term tax base rather than expanding it.
California anchors America's largest state economy and sits at the heart of the technology sector. Analysts say the risk of high earners and companies relocating elsewhere could offset much of the tax's intended benefit.
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