Tech Founders Slam Proposed California Wealth Tax, Warn of Potential Exodus

[Hollie]

One of the democrats presidential hopefuls is going full communist wealth distribution. Amid all the costs associated with California’s illegal alien wealth building, their wealth may come at the expense of driving away even more of the middle class and the tech infrastructure that hasn’t already left the state.

Tech Founders Slam Proposed California Wealth Tax, Warn of Potential Exodus

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, "One market correction, nationalization event, or...

www.breitbart.com

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, “One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life.”

 

[Hafar1014]

A wealth tax taxes assets not just income. Its theft by the government and billionaires will leave the state to avoid it. IN the end they will lose more then they gain.

 

[Blaster]

A wealth tax taxes assets not just income. Its theft by the government and billionaires will leave the state to avoid it. IN the end they will lose more then they gain.

Taxing the rich never works well.

 

[Hafar1014]

Taxing the rich never works well.

Right they can avoid the tax or pass it down to the middle class.

 

[Polishprince]

A wealth tax would certainly create a lot of jobs. Those let go by the tech tycoons would have opportunities.

A legion of tax assessors and tax collectors would be needed to categorize and evaluate the people's individual wealth. Attorneys and experts would be hired on both sides to argument about the actual net worth of various real estate holdings, privately held companies and other assets.

It would be a real boom in certain areas.

 

[1srelluc]

The proposed wealth tax targeting billionaires in California is a one-time 5% tax on individual wealth exceeding $1 billion. This tax is set to apply to California residents on January 1, 2026, and is part of the "2026 Billionaires Tax Act" ballot initiative. The tax is expected to raise significant revenue for the state, with projections indicating it could be up to $100 billion for health care, food assistance, and education.

Damn, that sure has vile dem grift stream written all over it.

Before I would give the vile dems 5% of my wealth I'd un-ass the state. If my business was there I'd move it out or at least move the HQ. I could keep any digs I had there and move my primary address out of state.

It would seem to me that a tax that singles out billionaires would also be unconstitutional.

 

[martybegan]

A wealth tax would certainly create a lot of jobs. Those let go by the tech tycoons would have opportunities.

A legion of tax assessors and tax collectors would be needed to categorize and evaluate the people's individual wealth. Attorneys and experts would be hired on both sides to argument about the actual net worth of various real estate holdings, privately held companies and other assets.

It would be a real boom in certain areas.

And it could create a liquidity spiral with so many people trying to liquidate assets at the same time, forcing down the value of those assets, and thus requiring them to liquidate more assets, lowering values even further.

Of course the Dems will make sure they and their buddies are first in line to pick up the below value assets....

 

[martybegan]

The proposed wealth tax targeting billionaires in California is a one-time 5% tax on individual wealth exceeding $1 billion. This tax is set to apply to California residents on January 1, 2026, and is part of the "2026 Billionaires Tax Act" ballot initiative. The tax is expected to raise significant revenue for the state, with projections indicating it could be up to $100 billion for health care, food assistance, and education.

Damn, that sure has vile dem grift stream written all over it.

Before I would give the vile dems 5% of my wealth I'd un-ass the state. If my business was there I'd move it out or at least move the HQ. I could keep any digs I had there and move my primary address out of state.

It would seem to me that a tax that singles out billionaires would also be unconstitutional.

Too broad to be a bill of attainer, and wealth isn't a protected class.

 

[1srelluc]

Too broad to be a bill of attainer, and wealth isn't a protected class.

Oh, I'd not fight it and make lawyers rich either, I'd just leave CA and take what I could with me.

 

[Polishprince]

The proposed wealth tax targeting billionaires in California is a one-time 5% tax on individual wealth exceeding $1 billion. This tax is set to apply to California residents on January 1, 2026, and is part of the "2026 Billionaires Tax Act" ballot initiative. The tax is expected to raise significant revenue for the state, with projections indicating it could be up to $100 billion for health care, food assistance, and education.

Estimates of how much new taxes will generate is usually grossly overstated.

State official in Ohio, several years ago, projected they would be able to pay for children's healthcare with a new cigarette tax.

Didn't work out, as people smoked fewer cigs, and healthcare costs rose.

 

[JWBooth]

It’s too late for any who haven’t found a way around this.
I’m guessing most assets are held in trusts or LLCs.

 

[JWBooth]

Estimates of how much new taxes will generate is usually grossly overstated.

State official in Ohio, several years ago, projected they would be able to pay for children's healthcare with a new cigarette tax.

Didn't work out, as people smoked fewer cigs, and healthcare costs rose.

Or, where convenient, crossed a state line where sales boomed.

 

[sparky]

perhaps addressing the disease vs. symptom would be apropos ........? ~S~

 

[Concerned American]

One of the democrats presidential hopefuls is going full communist wealth distribution. Amid all the costs associated with California’s illegal alien wealth building, their wealth may come at the expense of driving away even more of the middle class and the tech infrastructure that hasn’t already left the state.

Tech Founders Slam Proposed California Wealth Tax, Warn of Potential Exodus

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, "One market correction, nationalization event, or...

www.breitbart.com

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, “One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life.”

Jeff Bezos has already left WA due to the wealth tax. These blue state shitholes are going to continue to FAFO.

 

[Independent thinker]

One of the democrats presidential hopefuls is going full communist wealth distribution. Amid all the costs associated with California’s illegal alien wealth building, their wealth may come at the expense of driving away even more of the middle class and the tech infrastructure that hasn’t already left the state.

Tech Founders Slam Proposed California Wealth Tax, Warn of Potential Exodus

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, "One market correction, nationalization event, or...

www.breitbart.com

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, “One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life.”

I’m fine if California sinks into the ocean under the weight of it’s democrat policies. They did it to themselves.

 

[Mac-7]

One of the democrats presidential hopefuls is going full communist wealth distribution. Amid all the costs associated with California’s illegal alien wealth building, their wealth may come at the expense of driving away even more of the middle class and the tech infrastructure that hasn’t already left the state.

Tech Founders Slam Proposed California Wealth Tax, Warn of Potential Exodus

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, "One market correction, nationalization event, or...

www.breitbart.com

A proposed wealth tax targeting billionaires in California has sparked intense pushback from tech founders in the state, with some preparing to leave if the tax becomes law. Prominent conservative tech entrepreneur Palmer Luckey explains, “One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life.”

For libs who are addicted to wipe-every-nose big government warnings like this are in one ear and out the other

 

[BluesLegend]

For libs who are addicted to wipe-every-nose big government warnings like this are in one ear and out the other

Democrats will absolutely KILL the goose that laid the golden egg. They are a MOB of individuals each out to 'get theirs, screw you'. They will vampire suck the state right into bankruptcy they don't care.

 

[Mac1958]

Bad, bad, bad idea to retroactively tax something.

And how in the world are valuations supposed to happen, how would they be verified, how, and by whom?

They played by the rules. You change the rules going forward, not looking back. You can start with minimum effective income tax rates and go from there.