"I don't know what's so specific about December 18, but let's just say it's prior to January. So I'm a primary resident of Texas. Kalanick's statement suggests his move was timed strategically before the year began, though he avoided explicitly stating the wealth tax as motivation for relocating from California."
"Under the act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth. The proposal would help fund healthcare, education and food assistance. It still needs enough signatures to make it to the November ballot and get voter approval."
"Their taxable wealth includes worldwide assets; therefore, they cannot avoid the tax by moving their assets outside of California. The website for the proposed tax emphasizes that billionaires cannot escape the wealth tax through asset relocation strategies."
Travis Kalanick, Uber co-founder, moved to Texas on December 18, becoming one of several billionaires departing California as a wealth tax proposal gains attention. The proposed California billionaire tax would apply to approximately 200 state residents worth over $1 billion, imposing a one-time 5% tax on total wealth to fund healthcare, education, and food assistance. The measure requires additional signatures to reach the November ballot for voter approval. Kalanick also announced plans to rename City Storage Systems to Atoms, focusing on robotics. Despite the proposal's claim that billionaires cannot evade the tax through asset relocation, supporters face significant opposition from lawyers representing wealthy individuals and California Governor Gavin Newsom.
Read at Los Angeles Times
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