In this Sunday edition of Business Insider Today, we're discussing the proposed tax on billionaires that's dividing the tech elite.

Tech elite exchange criticism and tips about a wealth-tax proposal that has sent some billionaires shopping for homes elsewhere.

Opposition is growing against the "billionaire tax" being promoted in California, the U.S. state where major tech company headquarters are concentrated. Billionaires have even created a group chat room for "strategic meetings" to block it,

California has over 200 billionaires that could be hit by a proposed wealth tax. Several have recently moved assets out of the state.

That shrill, high-pitched squeal you've been hearing lately? Don't bother trying to adjust your TV or headphones, or calling your doctor for a tinnitis check. It's just America's beleaguered billionaires keening over a proposal in California to impose a one-time wealth tax of up to 5 percent on fortunes of more than $1 billion.

California's latest attempt to tax extreme wealth is already reshaping the state's economic map, even before a single ballot is cast. A proposed one-time levy on billionaires has prompted at least six ultra-rich residents to formally sever their ties with the state,

California helped make them among the richest people in the world. Now they’re fleeing because California wants a little something back. The proposed California Billionaire Tax Act has plutocrats saying they are considering deserting the Golden State for fear they’ll have to pay a one-time,

California's non-partisan Legislative Analyst's Office noted that state income tax revenues would likely decrease by hundreds of millions of dollars per year on an ongoing basis if the ultra-wealthy were to leave the state.