"California's Billionaire Bonanza: A $2 Trillion Tax Loophole Exposed. Behind the Golden State's stunning wealth lies a shocking reality: the fortunes of its 200 billionaires are largely untaxed. A staggering $2 trillion, equivalent to the state's annual GDP, is being shielded from income tax through a complex web of financial maneuvers and tax laws. As the state grapples with budget deficits and widening income inequality, experts are sounding the alarm on this massive tax loophole, raising questions about the fairness and sustainability of California's tax system."
In California, roughly 200 billionaires collectively hold about $2 trillion in wealth. Yet much of that fortune goes virtually untouched by income taxes. Why? Because it isn’t treated as “income” at all.
