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Posted on 12/26/2025 8:58:56 PM PST by grundle
Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking. Mr. Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an office for that firm, Thiel Capital, in another state, and spending more time outside of California, three of the people said.
Other billionaires who appear to be making moves to decrease their presence in California include Mr. Page, 52, a longtime resident of Palo Alto. He has discussed leaving the state by the end of the year, according to two people briefed on the talks. In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida, according to state records.
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.
(Excerpt) Read more at nytimes.com ...
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Which is the goal??
Capital flight—it always happens when socialists take money from people.
I’m not sure at all a capital tax is even constitutional. I know states have the power to tax sales and income, but possessions seem to violate the spirit of the “life, liberty, pursuit of happiness.” I would say this would be an implied right of citizens.
“”one-time 5% tax””
Two years later - one-time 6% tax
Another two years - one-time 10% tax
Another two years - one-time 15% tax
And after one week the money is gone and then what?
Aren’t homes and autos possessions taxed by property taxes?
I would wager that most all of those folks being targeted have been big supporters of the Democratic Party in California. They figured that would inoculate them from the rabid leftists coming after them. Well, you reap what you sow so stick around and pay up you fkg hypocrites.
I think you are right.
If they came to their senses, it would take more than a change of governor. The bombproof majority of the state assembly are all huge liberals.
They must have lost their influence in California.
They never learn. They’re RATS who will move to Texas and do the same stupid things that destroyed California in the first place.
the greatest cost savings would be election integrity laws
how about a ballot for that?
Gotta pay for all the illegals to have all those freebies at paid for by the taxpayers. Gruesome Newsom still bankrupting CA further. Next, pigLIESi’s nephew will be crying to Trump for a federal bailout.
https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20%28Billionaire%20Tax%20%29.pdf
This is a ghastly piece of legislation.
But let’s be serious: bllionaires likely have a residence outside of Cali. All they need to do is change their residency and they’ve dodged the bullet.
Check out page 11 of 32. The “Franchise Tax Board” can basically audit the snot out of anyone who they “reasonably believe” should pay.
Thus, some bureaucrat can audit FR or anyone some govt troll “reasonably believes” should undergo a deep cavity search.
THAT is the goal.
WA is floating a “millionaire’s tax”. Which of course is not an income tax...
HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!
You believe that? I have a bridge to sell.
"I am altering the deal. Pray I don't alter it any further." - Darth Vader
F'n morons.
“Aren’t homes and autos possessions taxed by property taxes?”
Sure, but even the grandest mansion in Atherton or Beverly Hills produces relatively insignificant revenue in the grand scheme of the Dems’ grandiose budgets... a $30 million home might bring in something like $360,000 in property taxes... chump change. But when start talking about 5% of Larry Page’s billions of dollars of GOOGL stock, pretty soon you’re talking about real money.
Why don’t they work together to overthrow the one-party marxist state and install a clean electoral system?
Camel would do a far better job of running CA than the Dem idiots “in charge” now.
More like the “one time” tax on those with assets over $20 billion will be a yearly tax, followed by a yearly tax on those persons with assets over $2 billion followed by a yearly tax on those with assets over $2 million, etc.
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