After a swath of billionaires publicly announced they are leaving the state of California over a proposed wealth tax, Governor Gavin Newsom went into a full blown panic – vowing to stop the proposed tax and “do what I have to do to protect the state.”  In an interview with the NY Times, Newsom said that he has been working ‘relentlessly’ behind the scenes to kill the proposal. “This will be defeated — there’s no question in my mind,” he said of the measure he has long opposed over concerns that it would stifle innovation in the state – as a growing list of tech CEOs have thrown their hands in the air and rage-quit the state over mounting plans to separate them from their wealth.  The plan in question – being driven by the SEIU-United Healthcare Workers West union – would require Californians with a net worth north of $1 billion to pay a one-time tax equal to 5% of their assets, and would apply retroactively to anyone who was living in the state as of Jan 1. Affected taxpayers could spread their payments across five years beginning in 2027.  According to the union, the tax is necessary to make up for deep cuts to health care […]