Wealth tax is a bad idea. They will destroy the Silicon Valley (whatever is left of it).
Stupid Dems, all they can do is wreck and ruin.
Peter Thiel and Larry Page are preparing to flee California in case the state passes a billionaire wealth tax, report says
https://fortune.com/2025/12/27/peter-thiel-larry-page-california-state-billionaire-wealth-tax-ballot-proposal/
Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.
Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.
Meanwhile, Google cofounder Larry Page has discussed leaving the state by year's end, sources told the Times, while three limited liability companies associated with him have filed documents to incorporate in Florida.
The Thiel Foundation and Google parent Alphabet didn't immediately respond to requests for comment. Representatives for Thiel and Page did not respond to the Times.
Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the state.
"The inevitable outcome will be an exodus of the state's most talented entrepreneurs who can and will choose to build their companies in less regressive states," he posted on X on Monday. "All that will be left behind is the middle class. The tax burden, then, will fall to the middle class because after the 'richest' choose to leave, the middle class are both (a) the only ones left and (b) are the largest source of state income to extract taxes from."
On Friday, he posted in a reply to Sen. Ted Cruz, who urged him to move to Texas, that it's "under serious consideration."
Backers of the potential wealth tax must still gather enough signatures before it can qualify for the ballot in November 2026.
The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets. According to the Bloomberg Billionaires Index, Page is worth $270 billion and Thiel is worth $27.2 billion.
The healthcare union pushing the measure, the Service Employees International Union-United Healthcare Workers West, estimated the wealth tax could raise $100 billion in revenue and offset federal cuts.
Stupid Dems, all they can do is wreck and ruin.
Peter Thiel and Larry Page are preparing to flee California in case the state passes a billionaire wealth tax, report says
https://fortune.com/2025/12/27/peter-thiel-larry-page-california-state-billionaire-wealth-tax-ballot-proposal/
Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.
Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.
Meanwhile, Google cofounder Larry Page has discussed leaving the state by year's end, sources told the Times, while three limited liability companies associated with him have filed documents to incorporate in Florida.
The Thiel Foundation and Google parent Alphabet didn't immediately respond to requests for comment. Representatives for Thiel and Page did not respond to the Times.
Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the state.
"The inevitable outcome will be an exodus of the state's most talented entrepreneurs who can and will choose to build their companies in less regressive states," he posted on X on Monday. "All that will be left behind is the middle class. The tax burden, then, will fall to the middle class because after the 'richest' choose to leave, the middle class are both (a) the only ones left and (b) are the largest source of state income to extract taxes from."
On Friday, he posted in a reply to Sen. Ted Cruz, who urged him to move to Texas, that it's "under serious consideration."
Backers of the potential wealth tax must still gather enough signatures before it can qualify for the ballot in November 2026.
The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets. According to the Bloomberg Billionaires Index, Page is worth $270 billion and Thiel is worth $27.2 billion.
The healthcare union pushing the measure, the Service Employees International Union-United Healthcare Workers West, estimated the wealth tax could raise $100 billion in revenue and offset federal cuts.
