Billionaires or bust: the world needs the super-rich more than ever
The socialist left was on parade in the final innings of 2025. The long cold shadow cast by “The 2026 Billionaire Tax Act,” a ballot initiative in California to be voted on in November, has led tech billionaires to take flight out of the state and land in the zero-income-tax paradises of Texas and Florida. The initiative seeks a one-time 5 percent tax on the worldwide net worth of anyone stupid enough to be a Californian with assets worth more than $1 billion as of January 1, 2026. That meant anyone in the three comma club had to hightail it out before Governor Gavin Newsom could bellow “Happy New Year.”
