PAC-10-BEAR said:DiabloWags said:PAC-10-BEAR said:
You should set an example and give away your own money to the poor. And then we'll follow in your footsteps.
THANK YOU PRESIDENT TRUMP!
THE "K" ECONOMY CONTINUES.
Bro, do you support the Democrats' plan to tax unrealized gains?
California Democrats proposed a 5% one-time (wink) tax on Billionaires total assets.
Fox News: California billionaires flee state's wealth tax in the most-predictable result ever
Karol Markowicz writes how billionaires are fleeing state over plan that could seize 50% of their holdings
"But wealthy Californians are already running for the door because the language in the draft of the measure sets the tax retroactively to January 1, 2026, and they know they can't rely on their fellow Californians to vote down the absurd proposal."
"...Larry Page and Sergey Brin, co-founders of Google, are the latest to bail on California. Garry Tan, president and CEO of Y Combinator and self-described "San Francisco Democrat" explained on X that the wealth tax wouldn't actually end up being "5%" of a billionaire's net worth.
"Larry and Sergey can't stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares. Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap. But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion. A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each. That's 50% of their actual Alphabet holdingswiped out by a '5%' tax."
"This language isn't an accident. Asset seizure is the ultimate plan of the socialists writing these proposals. Wealth isn't to be permitted in the socialist utopia and must be redistributed."
"...Chamath Palihapitiya, a tech billionaire and one of the hosts of the "All-In" podcast, hasn't left yet but is weighing his options. Palihapitiya puts the number of billionaire wealth that has left California in just the last month "in excess of $700B." He explains that the amount of wealth the proposal hoped to tax has already significantly decreased.
"That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly. I would not be surprised if 2026 ended with less than $1T of billionaire wealth in California and decades and hundreds of lawsuits."
So their state 13.3% tax contribution is gone, other local taxes, fees, deposits, and likely future business endeavors. And why would they come back, they can fly in for a business meeting or a weekend.
End result? Taxes rise on the middle class to compensate for the lost revenues.
https://www.foxnews.com/opinion/california-billionaires-flee-states-wealth-tax-most-predictable-result-ever
