Happy peasants, miserable millionaires Graham first spotted the pattern in China.
—
Nick Lichtenberg,
Fortune,
24 Oct. 2026
Cristobal Young, a sociology professor at Cornell University, said previous California tax increases on millionaires didn't lead to a mass exodus of wealthy people.
DiFuria described a billionaire family that went from feeling guilty about their spending to owning yachts and planes and moving to an area where other billionaires live.
—
Molly A. Wallace,
Fortune,
24 Oct. 2026
Opposition campaigns to the wealth tax as well as the two countermeasures have received enormous donations from several of the state’s billionaires.
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