MOVING DAY: California billionaires are fleeing a proposed wealth tax & Wells Fargo is moving its wealth HQ to Florida.
As California Democrats advance a wealth tax, the state is losing more than half of its billionaire residents. Wells Fargo confirmed it is relocating its wealth headquarters to West Palm Beach to remain near its clients. The move underscores how punitive taxation reshapes economic geography. Newsom’s ideological push is draining investment, jobs, & revenue while positioning himself for a national campaign.