'Seven Billionaires I Know Have Already Left' — Luxury Real Estate Broker Josh Altman Says California's 5% Wealth Tax Risks A 'Trickle-Down Effect'

A projected 5% wealthiness taxation connected California residents worthy much than $1 cardinal is drafting disapproval from luxury existent property broker Josh Altman.

"Seven billionaires I cognize person already left," Altman precocious told Fox Business.

The measurement would, if approved by voters, enforce a one-time levy connected those residents, with payments opening successful 2027 and dispersed implicit 5 years, according to the Legislative Analyst's Office — a operation that has sparked treatment among concern leaders and policymakers nationwide.

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Altman said California has astir 200 to 250 billionaires, much than immoderate different state. He besides said the authorities has astir 40 cardinal residents, including astir 23 cardinal eligible voters.

"If this hits the ballot, determination is nary mode that the billionaires travel retired connected apical here, and that’s an issue," helium told Fox Business.

His absorption was connected scale. Billionaires correspond a tiny fraction of the electorate successful a authorities wherever ballot initiatives tin find taxation policy. If the measurement reaches voters, the result could hinge little connected wealthiness attraction and much connected elemental arithmetic.

Organizers are seeking astir 900,000 signatures to spot the measurement connected the November ballot, and the inaugural remains successful the signature-gathering phase, according to media reports.

Altman said that if it qualifies, the ballot would spot a fistful of ultra-wealthy individuals against millions of voters.

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Altman besides shared a remark from a billionaire astir the standard of utmost wealth. "You cognize what the quality is betwixt 100 cardinal and a billion? Nothing," helium said.

He told Fox Business that billionaires would stay financially secure, but the radical who trust connected them would beryllium the ones affected, adding that existent policies are pushing them retired of California.

"It’s the trickle-down effect. It’s people, the hundreds of thousands of radical that enactment for these billionaires. It’s the trillion dollars successful taxes that we’re going to lose," helium said.

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