California’s Billionaire Tax and State-to-State Flight

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Tags: Bureaucracy and Regulation, Taxes and Spending

02/17/2026 Robert P. Murphy

Bob lays out California’s proposed 5% wealth tax on billionaires, using it to explain why taxes on wealth are especially destructive, how different tax structures change incentives, and what recent migration data says about people voting with their feet.

Related:

Data on 2020–2024 State-to-State Migration: Mises.org/HAP538a
“Where Americans Choose to Move and Where They Leave”: Mises.org/HAP538b

Politicians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/OKCHA

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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