|
Feb 10, 2026
|
|
AVOID
|
Ackman states "California's toast self-immolation" in response to the tax proposal. Frank notes that billionaires are moving their "personal ecosystems" (companies not attached to public tickers) out of state. California's tax revenue is disproportionately dependent on the top 0.1% of earners. If the "tax base" physically relocates to avoid wealth confiscation, the state faces a fiscal cliff, increasing the credit risk of its municipal obligations. Avoid exposure to California state debt as the quality of the tax base degrades. The tax fails to reach the ballot, and the status quo remains, stabilizing the tax base. |
CNBC
Tech titans leave California after new wealth...
|