California Bill to Tax Wealthy Residents Sparks Controversy and Opposition from Prominent億
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That debate has intensified around a proposed one-time tax of up to 5% on Californians worth more than $1 billion.
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FortuneCalifornia’s billionaires are going on the defensive, putting millions of dollars behind an effort to defeat a one-time billionaire tax that would collect 5% of their net worth if approved.
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Other billionaires, including former Shark Tank star Mark Cuban have also come out against the billionaire tax. In an exchange on X over the weekend, Cuban warned California congressman Ro Khanna (D-Calif.) that the tax would hurt entrepreneurs and innovation in the state.
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New York Post BusinessFar-left progressives are trying to rally up support for California’s controversial one-time 5% tax on billionaires that’s up on the November ballot — but famed businessman Mark Cuban on Saturday delivered a brutal assessment to one of the tax’s biggest supporters.
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The prominent investor warned that if the measure passes, he himself would avoid investing in California startups completely unless they move out of state. “If this passes, only idiot startup founders stay in Cali,” Cuban wrote. “I’ve done it before and will do it again. Dallas. Pittsburgh. Indiana. I will make NOT being in California a prerequisite for an investment.”
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New York Post Business“You can bet if I’m investing in a multi- billion dollar startup, I’m asking them to move from California first,” he said. “If this passes, only idiot startup founders stay in Cali.”
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The Sergey Brin group Building a Better California is officially opposing the California billionaires tax — donating $5 million to the “No” push to defeat it. pic.twitter.com/GsP2h9ZhXR
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FortuneAmong the billionaires who oppose the bill, Google cofounder Sergey Brin is among the most adamant. The world’s fourth richest man moved many of his assets out of California late last year and has already put $102 million toward opposing the California wealth tax after an additional $20 million contribution he made to Building a Better California earlier this month.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 New York Post Business A massive network of underground vaults is being carved into the Swiss Alps, offering the ultra-wealthy a heavily fortified place to stash everything from priceless art and gold to vintage Ferraris and expensive wine.
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02 Fortune Venture capitalist John Doerr put in $7.5 million to the group, while the executive chair of blockchain company Ripple, Chris Larsen, contributed an extra $10 million to the group, according to a campaign finance filing from August 14, the Financial Times reported. Doerr is worth about $22.6 billion according to Forbes, while Larsen is worth $11.4 billion.
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03 Common Dreams Debru Carthan, the vice president of Service Employees International Union-United Healthcare Workers West, said in a statement that "California billionaire Sergey Brin would rather spend $100 million to fund a shady opposition campaign than simply pay his fair share in taxes so millions of Californians don’t lose their healthcare."
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04 RealClearMarkets Troubling Polling News About California's Billionaires' Tax Editorial, California Post There are two choices that should be no-brainers for California voters in November.
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