California wealth tax proposal hemorrhages $1T as billionaires flee

[rangerrebew]

California wealth tax proposal hemorrhages $1T as billionaires flee
Story by Amanda Macias • 23h

Venture capitalist Chamath Palihapitiya says California’s proposed billionaire tax is accelerating an exodus of ultra-wealthy residents, a shift he argues will worsen and not solve the state’s budget deficit.

Palihapitiya, who has been tracking capital flight from the Golden State, said California has so far lost an estimated $1 trillion.
 

"We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue and all their staffs (and their salaries and income taxes) with them," Palihapitiya wrote on X on Sunday.

Even as the measure remains under consideration for the November statewide ballot, some of Silicon Valley’s most prominent figures warn it could trigger an exodus of founders and capital.

https://www.msn.com/en-us/news/other/california-wealth-tax-proposal-hemorrhages-1t-as-billionaires-flee/ar-AA1TZZEk?ocid=hpmsn&cvid=696510bf15f8438e875cc4e4b899527f&ei=124

[rangerrebew]

Fortunately for America, the man most responsible wants to bring his wisdom to all America as president.  How can we be so fortunate?

[PeteS in CA]

It may or may not be legal, but IF the measure qualifies for the ballot and IF it is passed, the tax would be imposed on bogey-billionaires who were CA residents on 1/1/26.

It's still theft, and it would still be one-time $$$$ funding ongoing programs. If it passes, I'm sure that in a year or three a new "one-time" tax will be proposed on 100-millionaires, 10-millionaires, or even 1-millionaires. Somewhere in one of the latter two brackets, ordinary home owners in the SF Bay Area and the Land of LA might wake up and realize, "Wait! That hits me!"

[DefiantMassRINO]

At this point, why risk having your wealth seized by Cali Bolsheviks?  Leave before Kommissar Greaseball closes the Cali border to prevent rich flight.

[Wingnut]

We are full here in FL.  But I hear TX has room.  Y'all will love it in the Austin area.  It's just like Callie. Duggies and homeless camps everywhere, panhandlers, men hating liberal white women and lesbians, and the traffic sucks.  You'll hardly notice a difference except for Cowboys and Cowgirls with guns and the oppressively summer heat.

[Fishrrman]

PeteS wrote:
"the tax would be imposed on bogey-billionaires who were CA residents on 1/1/26."

Doesn't this run afoul of the legal concept of "ex post facto" ...?

[Kamaji]

PeteS wrote:
"the tax would be imposed on bogey-billionaires who were CA residents on 1/1/26."

Doesn't this run afoul of the legal concept of "ex post facto" ...?

No.

[DB]

PeteS wrote:
"the tax would be imposed on bogey-billionaires who were CA residents on 1/1/26."

Doesn't this run afoul of the legal concept of "ex post facto" ...?

You would think so, but they've done it before - and it stood.

[IsailedawayfromFR]

PeteS wrote:
"the tax would be imposed on bogey-billionaires who were CA residents on 1/1/26."

Doesn't this run afoul of the legal concept of "ex post facto" ...?

Makes no difference to a Bolshevik.

The state has been trying for years to seize taxes for any retirement income that resulted from working while in California permanently, not matter where you might retire.