While it appears that Proposition 40, the proposed wealth tax on next month’s ballot, may be struggling at the polls, the mere pendency of the initiative has already inflicted economic damage to California. The list of millionaires and billionaires who have moved out of state grows every day. In an article by Michael J. Bologna in Bloomberg Tax, six of California’s most famous billionaires have already bailed out seeking to avoid the imposition of Proposition 40’s 5% levy on accumulated wealth. “Google co-founders Sergey Brin and Larry Page, venture capitalist Peter Thiel, auto-finance titan Don Hankey, Uber co-founder Travis Kalanick,...