A group of prominent economists has reshaped the fiscal policy debate, proposing a landmark wealth tax in California that could redefine wealth preservation and capital mobility.

Ultra-wealthy investors are leaning into securities-backed borrowing to unlock cash tax-free, even as higher borrowing costs and policy debates challenge the strategy.

California's debate over an ultra-wealth tax is testing investor sentiment, threatening venture capital stability, and serving as a preview for national economic platforms in 2028.