California, once the home of the billionaire class, does.

A new study by economists at the Hoover Institute finds that at least six billionaires left the Golden State before the start of the year to avoid the proposed California Billionaire Tax Act. This is a ballot initiative to be voted on later this year that would create a 5% wealth tax on billionaires who have lived in California at any time after January 1, 2026. Proponents expect a $100 billion windfall to the California treasury.

The six tax refugees have ALREADY reduced the wealth of the state by one-half trillion.

By leaving, they’ve avoided $27 billion of wealth tax assessments.

But because these billionaires won’t pay any income tax ever again in California, the Hoover scholars calculate the wealth tax is expected to LOSE almost $25 billion in total revenue in net present value terms.

Maybe all the smart people already left California.