Crypto and tech billionaires in California are threatening to relocate after a union proposed a 5% asset tax on residents worth over $1 billion, plus a one-time $1 billion levy on those above $20 billion. Critics warn of lost tax revenue and capital flight, while multiple studies on wealth taxes and millionaire migration suggest the ultra-rich rarely move, raising doubts over how many will actually leave if the measure reaches the November 2026 ballot.