US EditionProposed Billionaires’ Tax Fuels Political Backlash and Exit Threats in California
The proposed one-time 5% tax on billionaires aims to raise $100 billion from about 200 residents to fund healthcare, education, and food assistance amid federal Medicaid cuts.
- By June 24, supporters must collect nearly 875,000 signatures to place the SEIU-UHW-backed Billionaire Tax Act on the November ballot, a one-time 5% levy on fortunes above $1 billion that supporters say would raise $100 billion.
- Proponents say the measure would fund healthcare, housing, and behavioral-health capacity, citing over 200 billionaires and $2.2 trillion in collective wealth in California.
- Several billionaires and firms have opened out-of-state offices or moved assets, with Peter Thiel's firm opening a Miami office and David Sacks opening an Austin office on Dec. 31, while Larry Page and Sergey Brin cut ties to California.
- The LAO cautioned the state could lose hundreds of millions annually if wealthy residents depart, while Governor Gavin Newsom vowed to block the measure and aides Dan Newman and Brian Brokaw formed an opposition committee.
- Budget analysts warn that without new revenue, 3.4 million Medi-Cal beneficiaries could lose coverage and rural hospitals could close; the governor's Jan. 9 budget includes $500 million for homeless services and may change by May.
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Khanna and Swisher’s Wealth-Grabbing Tantrum: California’s Billionaire Shakedown Hits Peak Entitlement
SACRAMENTO – In the latest episode of “How to Alienate Every Job Creator in Silicon Valley,” Rep. Ro Khanna (D-CA) sat down with tech journalist Kara Swisher to defend California’s controversial billionaire tax proposal – a move that’s drawing fire from the very innovators who built the Golden State’s economic engine. The podcast therapy session revealed not only an obvious entitlement complex, but Khanna and Swisher have yet to read Atlas Shrug…
If the referendum passes, Zuckerberg should pay a tax of over 11 billion dollars. Thiel moves the residence to Miami. Heritage abroad for the Google couple: Sergei Brin in Singapore and Larry Page in New Zealand
Peter Thiel, the Google founders and other super-rich say goodbye to Silicon Valley because they are supposed to give up some of their assets. The exodus also shows that there is opposition to Trump's billionaire democracy and his alliance with the tech oligarchs.
'Billionaires Should Stop Hiding,' Chamath Palihapitiya Says, Urges Public Opposition To California Billionaire Tax Act - NVIDIA (NASDAQ:NVDA)
Chamath Palihapitiya urged billionaires to publicly oppose California's Billionaire Tax Act due to potential lawsuits and budget issues.
TechCrunch
New Movies & TV Shows, Trailers & ReviewsWhy Silicon Valley is really talking about fleeing California (it's not the 5%)
If you've been following the billionaire exodus from California with some confusion, here's what's actually driving the nervousness: it's not the 5% rate.
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