Having the server contain the "single true source" is important for many reasons, most of them being the main benefits of the web in the first place - automatic backups of everything, automatic sync of everything, etc. And if you're backing up everything to the server anyway (e.g. every action requires a REST call to the server), then the server is in any case acting as the source of truth, which means it can also do some business logic processing.
That's not to say the client is "dumb" by any means, but you'll be talking to the server anyway.