"We must not judge billionaires as a class but by their individual merits,"
"There are good billionaires and bad billionaires, just like there are good people and bad people. California is extraordinarily lucky that this is where people come to start companies and build fortunes and we should do our best to keep it that way."
"This tax will drive billionaires out; it already has,"
"The founders of Google - they left the state and they are taking their money with them."
About a dozen people participated in a "March for Billionaires" in San Francisco to raise awareness about the ultrarich and oppose a proposed wealth tax. The Billionaire Tax Act would impose a one-time, 5% tax on California billionaires' overall net worth while excluding pensions, real estate and retirement accounts. Supporters say the measure would offset federal cuts to healthcare and food-assistance programs and ensure billionaires pay a fair share. Opponents warn the tax could prompt billionaires and businesses to leave, costing jobs and tax revenue; some companies tied to Google co-founders have moved operations out of state while Google remains headquartered in California.
Read at Los Angeles Times
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