"A proposed billionaires' tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. Gavin Newsom maneuvers to defeat a levy that he fears will lead to an exodus of wealth.A technology mecca, California has more billionaires than any other state - a few hundred, by some estimates. Nearly half its personal income tax revenue, a financial backbone in the nearly $350 billion budget, comes from the top 1% of earners."
"An online war of words has tech leaders pondering a hollowing out of Silicon Valley, and millions of dollars are flowing to political committees engaged in the fight. That includes $3 million from billionaire Peter Thiel, a founder of PayPal, to a committee tied to a business group opposing the tax.However it's not clear if the proposal will make the ballot, with more than 870,000 petition signatures required for it to qualify."
A large health care union seeks a November ballot measure to impose a one-time 5% tax on assets of billionaires — including stocks, art, businesses, collectibles and intellectual property — to backfill federal cuts to health services for lower-income people. California has more billionaires than any other state and nearly half of personal income tax revenue comes from the top 1%, supporting a nearly $350 billion budget. The tax would apply retroactively to billionaires living in the state as of Jan. 1. Tech leaders have threatened to leave, and millions of dollars are flowing to political committees, including $3 million from Peter Thiel. More than 870,000 petition signatures are required for ballot qualification.
Read at Fast Company
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