SFGate<\/a>\u00a0earlier reported on BitGo\u2019s move.<\/p>\n An initiative to tax some of California\u2019s wealthiest residents still needs enough signatures to make it on the November ballot, but it\u2019s already sparking a lot of backlash. Under the Billionaire Tax Act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth. Most of that funding would go toward healthcare to help offset widespread cuts by the Trump administration.<\/p>\n Critics of the proposal include BitGo Chief Executive Mike Belshe, who said on X that a new tax would also harm startups.<\/p>\n \u201cWho in their right mind would found a new business in California if California does this?,\u201d he wrote in late December.<\/p>\n Although some tech moguls, including Google co-founders Larry Page and Sergey Brin, recently have moved some of their companies out of California, proponents of the proposal say concerns that billionaires will flee are overblown.<\/p>\n The proposed tax would apply to about 200 California billionaires who reside in the state as of Jan. 1. The Service Employees International Union-United Healthcare Workers West, the union behind the initiative, said that it would raise $100 billion, and that most billionaires haven\u2019t moved.<\/p>\n BitGo didn\u2019t immediately respond to questions about its headquarters.<\/p>\n _______<\/p>\n \u00a92026 Los Angeles Times. Visit at\u00a0latimes.com<\/a>. Distributed by Tribune Content Agency LLC.<\/p>\n \t\t\t\t\t \t\t\tThanks for reading CPA Practice Advisor!<\/p>\n Subscribe for free to get personalized daily content, newsletters, continuing education, podcasts, whitepapers and more\u2026<\/p>\n \n\t\t\t\t\t\t\t![\"](\"https:\/\/www.cpapracticeadvisor.com\/wp-content\/uploads\/CPAPA-Logo.svg\"){kind=logo}
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