California's proposed 5% wealth tax on households with over $1 billion in assets has already sparked an exodus of tech billionaires before voters even decide the November ballot measure. Alphabet founders Larry Page and Sergey Brin have relocated to Florida and Nevada respectively, while Mark Zuckerberg joined Charles Schwab and Larry Ellison in the Sunshine State.

The tax, championed by public sector unions and supported by former hedge fund manager Tom Steyer, faces opposition from Republican Steve Hilton and San Jose Mayor Matt Mahan. Florida's Ron DeSantis and Texas Governor Greg Abbott openly welcome these high-net-worth arrivals, recognizing the economic spillover benefits beyond just tax revenue.

San Francisco faces a parallel corporate tax battle with a proposed levy targeting business revenues for $250-300 million annually. This echoes the 2018 measure that drove companies like X, Block, McKesson and Stripe to abandon the city. Biotech firms have long preferred the tax-friendly suburbs.

These punitive tax measures, whether targeting individuals or corporations, ultimately harm ordinary Californians. State and local governments maintain an insatiable appetite for revenue, yet these policies accelerate the departure of the very taxpayers who fund public services and create jobs.