A one-time 5% wealth tax

 From the Rundown News letter.

A one-time 5% wealth tax on billionaires could be expensive for billionaires to stay in California.

Google co-founders Larry Page and Sergey Brin are quickly severing many of their remaining financial ties to California just as the state weighs a one-time 5% wealth tax on billionaires.

The details:

In December, Brin-linked entities dissolved or shifted 15 California LLCs to Nevada, covering assets such as his superyacht and a private jet terminal.

Page has likewise moved or wound down dozens of entities and is positioning himself in lower-tax states.

The proposed wealth tax would apply retroactively to anyone living in California as of January 1 and could affect roughly 200 ultrawealthy residents.

The plan has split Silicon Valley: LinkedIn co-founder Reid Hoffman opposes the levy, while Nvidia CEO Jensen Huang says he is “perfectly fine” paying it.

Why it matters: When two tech legends worth $300B each start shuffling superyachts out of state, California has reason to worry. The state pulls roughly 40% its income tax revenue from the top 1% of earners. But apparently, most of the ultrawealthy stayed put past the January 1 deadline, so the rumoured mass exodus hasn’t happened yet.

Thank you for reading,

Tim.


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