California is chasing wealth that has feet

The article explores the shifting economic landscape of California, focusing on the migration of high-net-worth individuals and major corporations out of the state. It argues that California's aggressive tax policies and regulatory environment are driving away the very wealth that funds the state's ambitious social programs. By examining the mobility of capital and talent in the digital age, the author suggests that the state's reliance on a narrow base of wealthy taxpayers is increasingly precarious. As remote work becomes more prevalent and business hubs emerge in more tax-friendly jurisdictions, California faces a significant challenge in retaining its economic base. The piece highlights the tension between progressive fiscal goals and the practical reality of globalized capital, warning that the state's current trajectory may lead to a long-term erosion of its tax revenue and overall economic competitiveness.