There's been this idea going around that a billionaire has to keep owning taxes just for being a billionaire. After they already paid income tax on that money.

Consider the idea of income tax. You get paid. You pay tax. The money after that is yours. Billionaires have the same thing. They make a lot early and then "retire" but then people still look at their bank account and want more years later. This idea that a billionaire has no income years later seems unfair to people even though really it makes all the sense in the world. They don't need income anymore. Duh. They already paid all the income taxes on it years prior.

So yes they will absolutely leave. And then yes you will have a massive budget hole. And then your taxes will go up because the state got greedy.