Exclusive | Billionaire in exile blasts wealth tax as top economists warn California is already bleeding fortunes

A California billionaire who fled to Las Vegas weeks before the cutoff for the state’s proposed wealth tax is blasting the measure, as more than 100 leading economists, including four Nobel laureates and a former top White House economic adviser, warn it is already driving the rich out of the state.At least seven billionaires, with a combined fortune of nearly $540 billion, about 30% of the state’s billionaire wealth, have already cut ties with California over the proposed tax, according to a Stanford study published last month.Among them is car loan titan Don Hankey told the California Post he left the state last December, just ahead of the residency deadline for Proposition 40’s proposed billionaire tax.The biggest news, opinion and culture shaping California right now.

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Never miss a story “I felt I just wasn’t treated well, and they really didn’t want me to stay there with my companies,” said Hankey, whose firm Hankey Group specializes in real estate investments, insurance and auto loans.Hankey confirmed his move came before the January deadline, saying he entered escrow in December.He warned that California has sacrificed years of income tax revenue by driving wealthy residents away.

“It just economically makes no sense to me,” he said.Hankey employees around 2,000 people in Southern California, telling Forbes in January his HQ will stay in LA for now.But on Sunday he told The Post: “We own 50% of an office building (400 South 4th street) in Las Vegas.  We currently occupy 2 floors and may expand more next year.

There are fewer potholes in Las Vegas!”The economists, in an open letter organized by economist Jon Hartley, urged voters to reject the tax on Tuesday.Signatories include Glenn Hubbard, who chaired the White House Council of Economic Advisers under President George W.

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