{"id":113295,"date":"2025-12-30T06:18:46","date_gmt":"2025-12-30T06:18:46","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/113295\/"},"modified":"2025-12-30T06:18:46","modified_gmt":"2025-12-30T06:18:46","slug":"billionaires-threaten-to-leave-california-if-5-wealth-tax-is-imposed-3","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/113295\/","title":{"rendered":"Billionaires threaten to leave California if 5% wealth tax is imposed"},"content":{"rendered":"

WASHINGTON (TNND) \u2014 Billionaires in California are threatening to leave the state over a potential wealth tax that would change innovation.<\/p>\n

The proposal would impose a 5% tax on California residents\u2019 assets that are worth over $1 billion, according to Fox Business<\/a>.<\/p>\n

Supporters of the legislation argue that it would help makeup the cuts in funds for healthcare. This proposal is supported by Service Employees International Union\u2013United Healthcare Workers West.<\/p>\n

Cofounder of the defense tech startup Anduril, Palmer Luckey said that if this proposal was put in place, he would have to sell a portion of his company.<\/p>\n

“I made my money from my first company, paid hundreds of millions of dollars in taxes on it, used the remainder to start a second company that employs six thousand people and now me and my cofounders have to somehow come up with billions of dollars in cash,” he said in a statement in response to the proposed tax.<\/p>\n

Investor Bill Ackman<\/a> also spoke against the tax.<\/p>\n

“Hollywood is already toast and now the most productive entrepreneurs will leave, taking their tax revenues and job creation elsewhere,” he said on the social media platform, X.<\/p>\n

Earlier this month, California Democratic Gov. Gavin Newsom said he opposed the legislation and said not to panic over it.<\/p>\n

Comment with Bubbles<\/p>\n

BE THE FIRST TO COMMENT<\/p>\n

“It’s not something to be panicked about, but it’s part of the broader concern and narrative that’s developed in this country of the haves and have-nots, not just income inequality, but wealth inequality,” he said during a DealBook conference.<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON (TNND) \u2014 Billionaires in California are threatening to leave the state over a potential wealth tax that…\n","protected":false},"author":2,"featured_media":112566,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[151,153,152],"class_list":{"0":"post-113295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bakersfield","8":"tag-bakersfield","9":"tag-bakersfield-headlines","10":"tag-bakersfield-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/113295","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=113295"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/113295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/112566"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=113295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=113295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=113295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}