California’s billionaire tax is dead – but the state’s paid a staggering price

California voters rejected Proposition 40, a proposed tax on billionaires’ wealth. The opinion article argues that the result protects investment, jobs and the state’s startup economy, while warning that the proposal’s campaign may already have prompted wealthy people to leave and investors to become cautious.

The article claims at least seven billionaires had left California by election day, taking combined wealth of more than $500 billion, though it does not provide evidence for that figure. It also says developer Rick Caruso considered leaving and argues that activists may try again; it calls for more support for institutions promoting policy reforms and public education about tax consequences.