{"id":115566,"date":"2026-01-02T10:10:18","date_gmt":"2026-01-02T15:10:18","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/california-will-regret-billionaire-exodus-washington-post-editorial-warns-115566"},"modified":"2026-01-02T10:10:18","modified_gmt":"2026-01-02T15:10:18","slug":"california-will-regret-billionaire-exodus-washington-post-editorial-warns","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/california-will-regret-billionaire-exodus-washington-post-editorial-warns-115566","title":{"rendered":"California will regret billionaire exodus, Washington Post editorial warns"},"content":{"rendered":"
\n

The Washington Post’s editorial board is warning California that aggressive new taxes<\/a> on the ultra-wealthy could backfire by driving billionaires out of the state.\u00a0<\/p>\n

In an editorial published Thursday<\/a> titled, “California will miss billionaires when they\u2019re gone,” the Post\u2019s editorial board argued that the state risks serious economic consequences by pushing wealthy residents away.<\/p>\n

The board compared California\u2019s tax approach to teenage boys using cologne, arguing that while some taxation is necessary, too much quickly becomes counterproductive.<\/p>\n

WASHINGTON POST BACKS TRUMP’S STRIKES IN NIGERIA, SAYS HE’D ‘BE WISE TO STAY ENGAGED’<\/strong><\/a><\/p>\n

“Some [taxes] are necessary to pay for public services, but government eventually reaches the point of diminishing returns \u2014 then passes it into repulsion,” the board wrote.<\/p>\n

ROTTEN REGULATIONS: EVEN YOUR TRASH CAN’T ESCAPE CALIFORNIA’S RED TAPE<\/strong><\/a><\/p>\n

The editorial noted that when California voted years ago to raise tax rates on high-income households, many top earners began leaving the state or reducing their taxable income.<\/p>\n

Despite the exodus, a proposed ballot initiative could appear in November that would impose a 5% wealth tax<\/a> on the state\u2019s billionaires.<\/p>\n

Regarding the move to increase taxes, the Post praised the state\u2019s current Democratic governor, noting, “Gov. Gavin Newsom (D) opposes the wealth tax because he understands it would kill the Golden State\u2019s golden goose.”\u00a0<\/p>\n

The Post editorial board reported that several billionaires are already looking to leave California ahead of that possibility, including Google cofounder Larry Page<\/a> and Palantir cofounder Peter Thiel.<\/p>\n

WASHINGTON POST EDITORIAL SAYS MAMDANI’S TEAM IS A MIX OF ‘NORMAL BUREAUCRATS’ AND ‘LEFT-WING ZEALOTS’<\/strong><\/a><\/p>\n

The board warned that California\u2019s tax system is already heavily focused at the top, making the state vulnerable if wealthy residents relocate. It cited a 2024 study that found previous tax hikes wiped out nearly half of the expected revenue within a year, as high earners moved away or adjusted their taxable income.<\/p>\n

The editorial argued that once top earners leave, activists will “target the next tier of \u2018rich\u2019 people who don\u2019t have as much flexibility to flee.” The board described that scenario as a “disaster” for California\u2019s economy<\/a> and urged voters to reject proposals for higher taxes on the wealthy.<\/p>\n

CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE<\/strong><\/a><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/media\/california-regret-billionaire-exodus-washington-post-editorial-warns <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Washington Post’s editorial board is warning California that aggressive new taxes on the ultra-wealthy could backfire by driving billionaires out of the state.\u00a0 In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-115566","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nCalifornia will regret billionaire exodus, Washington Post editorial warns - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/california-will-regret-billionaire-exodus-washington-post-editorial-warns-115566\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California will regret billionaire exodus, Washington Post editorial warns - 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