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A Wealth Tax Floated in California Has Billionaires Thinking of Leaving (www.nytimes.com)

submitted 1 day ago by return2ozma@lemmy.world to c/news@lemmy.world

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[–] Maeve@kbin.earth 13 points 1 day ago

The moves are being driven by a potential California ballot measure from the health care union, Service Employees International Union-United Healthcare Workers West, the people said. The proposal calls for California residents worth more than $1 billion to be taxed the equivalent of 5 percent of their assets. If the measure gains enough signatures to reach the state ballot in November and wins approval, it would retroactively apply to anyone who lived in California as of Jan. 1, 2026. Those with $20 billion in assets who resided in the state on that date would face a one-time tax of $1 billion and have five years to pay it, according to the terms of the measure. Whether the proposal will reach California’s ballot is far from certain, but some billionaires may be unwilling to take the risk. For Mr. Page, whose net worth is estimated at around $258 billion, the measure could result in a one-time tax of more than $12 billion. The tax bill for Mr. Thiel, whose net worth is around $27.5 billion, could be more than $1.2 billion. Representatives for Mr. Page and Mr. Thiel did not respond to requests for comment.

This is just pure greed and hatred for the people who made them.