he Billionaire Tax Act isn’t even officially on the California ballot yet, but that hasn’t stopped businessmen, entrepreneurs, and investors from fleeing the state, taking $1 trillion in wealth – along with jobs and opportunity – with them.
Tech entrepreneur Chamath Palihapitiya has been keeping track of who’s decided to leave the state in advance of this “temporary” tax.
“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,” he posted on X this weekend.
“In other words, by starting this ill-conceived attempt at an asset tax, the California budget deficit will explode. And we still don’t know if the tax will even make the ballot.”
Among those who’ve given up on California are Google co-founders Sergey Brin and Larry Page. The New York Times reports that 10 days before Christmas, Brin “terminated or moved 15 California limited liability companies that oversee some of his business interests and investments out of the state” and “more than 45 California limited liability companies associated with Mr. Page filed documents last month to either become inactive or move out of the state.”
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