Mitt Romney warned a billionaire tax triggers demand for 2 assets — now California decides. Get in before the super-rich

Mitt Romney had warned five years ago about a potential billionaire tax that could prompt the ultra-wealthy to diversify their holdings. On November 3, California voters will decide on Proposition 40 (1), a ballot measure that would impose a one-time tax of 5% on a billionaire's net worth. The tax would apply to billionaires who were California residents on January 1, 2026, with payments due in 2027.

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