Silicon Valley investor warns middle class will ‘foot the bill’ as ultra-wealthy residents leave state
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.
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Original Link Here: California wealth tax proposal hemorrhages $1T as billionaires flee – BNR
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Article URL : https://www.foxbusiness.com/politics/california-billionaire-tax-proposal-hemorrhages-1-trillion-billionaires-flee