{"id":113222,"date":"2025-12-30T05:02:13","date_gmt":"2025-12-30T05:02:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/113222\/"},"modified":"2025-12-30T05:02:13","modified_gmt":"2025-12-30T05:02:13","slug":"white-house-advisor-david-sacks-hints-at-leaving-california-over-confiscation-of-net-worth","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/113222\/","title":{"rendered":"White House Advisor David Sacks Hints At Leaving California Over ‘Confiscation Of Net Worth’"},"content":{"rendered":"\n

David Sacks, former Chief Operating Officer of PayPal Holdings Inc. (NASDAQ:<\/a>PYPL<\/a>), hinted at potentially leaving California in response to the state’s proposed \u201cBillionaire Tax<\/a>,\u201d which aims to address the state\u2019s healthcare budget shortfall by imposing a one-time tax on net worth.<\/p>\n

In his Saturday X post, Sacks voiced his concerns about the proposed tax, describing it as a 5% across-the-board confiscation of net worth and noting that it would apply even to amounts that had already been realized and taxed.<\/p>\n

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David Sacks, White House Special Advisor for AI and Cryptocurrency<\/a>, stated: “To be clear, the Billionaire Tax Act in California is not (just) an unrealized gains tax. It’s a 5% across-the-board confiscation of net worth. It applies even if one has already realized and paid taxes on the entire amount.”<\/p>\n

To be clear, the Billionaire Tax Act in California is not (just) an unrealized gains tax. It’s a 5% across-the-board confiscation of net worth. It applies even if one has already realized and paid taxes on the entire amount. https:\/\/t.co\/52FzQJ3qGs<\/a><\/p>\n

See Also: Americans With a Financial Plan Can 4X Their Wealth \u2014 Get Your Personalized Plan from a CFP Pro<\/a><\/p>\n

His post was in response to a post by\u00a0Ron DeSantis, the Governor of Florida, who criticized the proposed tax, suggesting that it would backfire.<\/p>\n

Patrick Bet-David, the CEO of\u00a0Valuetainment Media, then asked Sacks at what point he would consider leaving California, to which Sacks cryptically replied, \u201cWho said I haven\u2019t?\u201d<\/p>\n

The proposed Billionaire Tax Act has been a subject of heated debate in California, with some of the state\u2019s wealthiest residents threatening to leave<\/a> if the tax is implemented.<\/p>\n

Hedge fund billionaire Bill Ackman warned that the state is “on a path to self-destruction” due to aggressive tax measures, and he suggested the latest proposal could further impact California’s economic climate.<\/p>\n

Read Next:\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"David Sacks, former Chief Operating Officer of PayPal Holdings Inc. (NASDAQ:PYPL), hinted at potentially leaving California in response…\n","protected":false},"author":2,"featured_media":113223,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[40292,7,9,8,17799,60796],"class_list":["post-113222","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-billionaire-tax","tag-california","tag-california-headlines","tag-california-news","tag-david-sacks","tag-tax-act"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/113222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=113222"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/113222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/113223"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=113222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=113222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=113222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}