California is considering something called a “billionaire’s tax.” It’s a ballot initiative that would impose a one-time tax of 5% on the net worth of individuals with assets over $1 billion. It’s projected to impact up to 250 people and raise around $100 billion. But the idea may be backfiring before it gets put into place. A new study reveals that if the tax is enacted, it could kill over 108,000 jobs and drain $28 billion in wages from the state’s economy. As it is, wealthy Californian job creator’s like Google co-founders Larry Page and Sergey Brin, PayPal co-founder Peter Thiel, former Uber CEO Travis Kalanick—all have left the state and point to the tax on the horizon as the reason for leaving.