"The transformation of the Santa Clara Valley from a bucolic grower of fruit into the technological powerhouse of Silicon Valley thanks largely to Stanford University's presence fueled a dramatic evolution of California's economy, growing it into the fourth largest in the world, were it a nation. Technology isn't just a linchpin of the economy; the immense personal wealth of its creators has perhaps unfortunately become a crucial source of revenue for the state."
"Despite its importance to California's economy and budget, Silicon Valley has not compared to other major economic sectors paid much attention to state government. While farmers, bankers, medical providers, casino-owning tribes and other segments of the economy have hired lobbyists and doled out campaign money, tech tycoons have assumed their products and services were so obviously valuable to the state, they needn't worry about what was happening in Sacramento. That attitude is changing fast."
Digital technology transformed daily life worldwide and concentrated its birthplace in Santa Clara Valley, turning orchards into Silicon Valley. Stanford University's presence catalyzed that change and helped grow California into an economy comparable to the world's fourth largest. Tech-generated personal wealth now provides a large share of state revenue: the top 1% of taxpayers produce nearly half of personal income taxes and about a third of general fund revenues. Historically, tech leaders did little organized state-level political engagement. Rising pressure from proposed AI regulation and new business taxes has prompted tech to build war chests, influence elections, oppose measures like a wealth tax, and pursue a tech-friendly governor, with Tom Steyer and Matt Mahan emerging as well-funded Democratic hopefuls.
Read at www.mercurynews.com
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