California Wealth Tax: Celebrity lawyer sends letter to California gov; urges block

California’s proposed “Billionaire Tax Act” faces a stern warning from attorney Alex Spiro, representing wealthy residents. He asserts the one-time 5% wealth tax is unconstitutional and will trigger a significant “exodus of capital and innovation.” Spiro argues the measure amounts to confiscation and could force destructive asset sales, urging Governor Newsom to prevent it from reaching the ballot.