Silicon valley is laser focused on slapping down a wealth tax — they should think a lot bigger

NY Post ^ | 07/21/2026 | Lydia Moynihan

[Kid Shelleen]

Silicon Valley titans have been working hard and spending big to defeat California’s proposed wealth tax, but they need to broaden the fight.

According to estimates calculated from public filings, tech godfathers such as Sequoia’s Michael Moritz and Kleiner Perkins’ John Doerr have spent more than $120 million on efforts to stop the tax, a bill for which recently cleared the Assembly Revenue and Taxation Committee and now heads toward the deep-blue Assembly and Senate. Per some recent reports, it has a 70% chance of passing. --SNIP-- Taxes are downstream of politics and politics is downstream of culture. The wealth tax didn’t come out of nowhere — it’s the product of California’s political culture, which Silicon Valley spent decades ignoring, and sometimes actively bankrolling.

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TOPICS: Business/Economy; US: California
KEYWORDS:

[brownsfan]

‘Eff them. They supported these commies, let them feel the pain.

[asinclair]

Looks like there will be two more people who will join the Great California Diaspora to Florida, Texas, or Nevada.

[Opinionated Blowhard]

Exactly. Silicon Valley titans spent years supporting Democrats because they support cultural liberalism, open borders and Wokeness. They were arrogant enough to think that they could control the Democrats from going full Commie. But they couldn’t. They helped create Frankenstein’s monster. Now it will destroy them.

[butlerweave]

Face it the Left hates it when people have money they want ALL THE MONEY

[woodbutcher1963]

No, they just move to Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

These are the states with ZERO income tax. I live in NH. There is a young couple building a multi million dollar house on 27 acres across the road from my house.
It is a 10K sq foot house. He will probably build a barn too. I can only assume they are from MA, NY, CA or one of those other HIGH INCOME TAX states. That is because they will be paying $25K or more in property taxes to my town. Yet, that is probably a deal to someone making SEVEN or more
figures in INCOME.

This is why all the BILLIONAIRES are moving to FL & TX.

[Bon of Babble]

This wealth tax will not be a one-time tax, and what constitutes “wealth” will be lowered, dramatically every year after the fist.

These Silicon Valley idiots - many of whom bankrolled these same politicians and activists proposing this tax - which I believe will pass - are mobile and can easily move their “wealth” elsewhere, as some are doing right now, heading to Florida and Texas.

“Six prominent billionaires publicly left California before the January 1, 2026, residency deadline to avoid a proposed one-time 5% wealth tax, though their departures removed approximately $27 billion in potential revenue—roughly a quarter of the initiative’s $100 billion target.

Estimates suggest up to half of the eligible billionaire tax base may have quietly left or moved assets out of the state, with some projections claiming $1 trillion in wealth departed due to the threat of the tax.”

[Zathras]

For those who don’t know, your average 1200 sqft home in Silicon Valley is near 2M.
Palo Alto is much higher than this.

With two incomes, stock options and investments, its not hard to be in this income bracket.

[ProgressingAmerica]

Maybe I kind of support this.

I mean in theory I don’t. But the hypocrisy of Silicon Valley makes me furious.

Silicon Valley has supported progressives for decades.

Silicon Valley says “We want you to love under progressivism”

Silicon Valley also says “We in Silicon Valley do not want to live under progressivism ourselves”

So you just want to hurt me, is that it? Don’t get surprised when I refuse to help you people in Silicon Valley. Bunch of punks.

[Vendome]

What these ass hats haven’t figure out is when all these companies were moving their headquarters they were taking the HQ revenue and IP revenue as well

We were left with the crumbs of labor that is taxable, which is where this eventually leads with them