Wealth Tax Proposal Sparks Silicon Valley Exodus Debate

A proposed wealth tax in California is sparking controversy, with billionaires like Peter Thiel and Larry Page considering leaving the state. The tax would charge residents worth over $1 billion a one-time 5% tax on their assets, payable over five years. Supporters aim to use the revenue to cover federal healthcare funding cuts, but they need signatures to qualify for the November 2026 ballot. Critics argue the tax could force founders to sell company stakes, risk home seizures, and scare off talent. Meanwhile, supporters like Ro Khanna believe public investments and talent draws innovators, not low taxes. The debate over wealth, fairness, and Californias tech edge continues to heat up.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.