Several wealthy individuals have fled California, according to one attorney who advises high-net-worth clients, all to avoid a proposed billionaire tax. This move could cost the state over $1 trillion in lost tax revenue, raising questions about the potential fallout for California’s economy.

California Gov. Gavin Newsom continues to oppose a proposed billionaire tax measure, arguing it could push the ultra-wealthy away from the state. Speaking at a Bloomberg forum in San Francisco, he cautioned that this tax might ultimately degrade the state’s financial base.