BY TYLER DURDEN
SATURDAY, FEB 14, 2026 – 08:15 PM
This month, the anniversary of the California Gold Rush came and passed with little mention … for good reason. When James W. Marshall found gold at Sutter’s Mill, millions traveled great distances to seek their fortune in the “Golden State.”
Now, 178 years later, California has engineered an inverse Gold Rush, virtually chasing wealth from the state. Rather than covered wagons going West, there is a line of U-Hauls going anywhere other than California.
From boondoggle projects to reparations, California politicians continue to rack up new spending projects despite a soaring deficit and shrinking tax base.
Rather than exercise a modicum of fiscal restraint, Democrats are pushing through a tax that takes five percent of the wealth of any billionaires left in the state.
I have long criticized the tax as perfectly moronic for a state with the highest tax burden and one of the highest flight rates of top taxpayers.
In my new book, “Rage and the Republic: The Unfinished Story of the American Revolution,” I discuss the reversal of fortunes in California and other blue states as politicians unleash new “eat the rich” campaigns before the midterm elections.
The problem, of course, is that billionaires are mobile, as is their wealth. Liberals expect billionaires to stay put in a type of voluntary canned hunt. They are not. Billionaires are joining the growing exodus from the state, taking their companies, investments, and jobs with them.
The latest billionaire to be chased off may be Meta CEO Mark Zuckerberg, who is reportedly heading for Florida.
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