Proposed billionaires' tax in California sparks Silicon Valley uproar
AP News • • business
Key Points:
- A proposed one-time 5% tax on billionaires' assets in California has sparked controversy, with tech leaders threatening to leave the state and Governor Gavin Newsom opposing the measure due to fears of a wealth exodus.
- The tax aims to fund health services for lower-income residents by targeting the assets of billionaires, including stocks, art, and intellectual property, but requires over 870,000 signatures to qualify for the November ballot.
- The proposal has divided Democrats, with progressive figures like Bernie Sanders and Rep. Ro Khanna supporting it, while Newsom and business groups warn it could harm California's economy and budget.
- High-profile billionaires such as Elon Musk, Larry Page, and Sergey Brin have already relocated or are moving
