Laura J. Nelson
California-based reporter covering state policy and economic issues, providing on-the-ground reporting and analysis about the proposed billionaire asset tax and its implications.
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Feb 12, 2026 • 19min
California Billionaires Are Freaking Out Over a New Tax Proposal
Laura J. Nelson, a California reporter who covers state policy and economics, breaks down a proposed one-time 5% asset tax on billionaires. She discusses difficulties valuing illiquid assets, the signature and ballot hurdles, a private group chat of wealthy Californians weighing moves, and why legally abandoning residency is harder than it seems.
