Taxing Billionaires: A California Experiment That Could Upend the Rich List As California voters prepare to weigh in on Proposition 40, a ballot measure that would impose a one time tax on billionaires' net worth, it's worth recalling a warning from Mitt Romney five years ago.
The then Utah senator cautioned that governments might respond to taxing the wealthy by making certain assets more attractive and others less so.
Romney's prediction has taken hold in California, where a proposed tax on billionaires could fundamentally alter how they hold their fortunes.