Sure haven’t heard that one before.
This seems like a tax not too difficult to dodge:
“The California Franchise Tax Board (FTB) presumes residency if an individual spends over nine months in California during a taxable year.”
So they’ll have to get a residence in another state for just over 3 months and stay there instead.
How do they verify you live even a day out of state? Just buy a shitty home in a flyover state and just leave it vacant. Trivial for a billionaire.
Fuck 'em. Call their bluff. Rich people threaten to leave at the faintest whiff of fair and progressive tax policy. They rarely follow through, and those that actually do will make the community better through subtraction.
Leaving for where exactly? Oh yeah, that’s right. They’re completely full of shit.
if they do leave they create space for real entrepreneurs. they are less of a leach on the state. i think they should leave
So if the headline here that billionaires have started thinking?
Motivating through fear to get enough people convinced to vote against their interests, again.
They’ll never leave. But they know it makes enough stupid folk want to vote against it and their own interests.
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. Whether the proposal will reach California’s ballot is far from certain, but some billionaires may be unwilling to take the risk. For Mr. Page, whose net worth is estimated at around $258 billion, the measure could result in a one-time tax of more than $12 billion. The tax bill for Mr. Thiel, whose net worth is around $27.5 billion, could be more than $1.2 billion. Representatives for Mr. Page and Mr. Thiel did not respond to requests for comment.
This is just pure greed and hatred for the people who made them.
