"I will miss them very much."
"fraud, waste, and political favors for the organizations pushing this ballot initiative."
"One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life,"
The proposal would require California residents with net worth above $1 billion to pay a one-time tax equal to 5% of assets, payable over five years. Backers intend to use revenue to help offset federal healthcare funding cuts. Supporters must gather enough signatures for a November 2026 ballot. Reports that prominent tech figures might leave California triggered intense backlash from founders and investors. Critics warn the measure could force sales of company stakes, enable asset seizure or wage garnishment if cash is unavailable, and raise serious questions about taxing unrealized stock gains common in startups.
Read at Fortune
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