Moved to Texas and just announced it…
Uber co-founder Travis Kalanick says he’s the latest billionaire to join the exodus out of California as the “billionaire tax” initiative gathers signatures for the November ballot. “On December 18, I moved to Texas,” he told TPBN hosts John Coogan and Jordi Hays. “I don’t know what’s so specific about December 18, but let’s just say it’s prior to January.”
If the initiative passes, it would levy a one-time 5% tax on the entire net worth of the state’s billionaires, backdated to Jan. 1, 2026. That much you probably already knew.
What you might not know about the so-called Billionaire’s Tax Act is who is pushing for it and why — or how much it’s already cost the state.
The initiative’s primary sponsor is SEIU-United Healthcare Workers West (SEIU-UHW), which hopes to literally cash in on the tech sector’s riches.
Full article, HERE from PJ Media.
Millionaires and billionaires don’t get to that point by being stupid. They know how to read the ‘handwriting on the wall’. And California has shot itself in both feet with the ‘Billionaire’s Tax Act’.
Estimates are that as of 1 January, $1 trillion of the $2 trillion held by billionaires in Californa had already left for Texas and Florida, among other places.
Not only are the folks leaving, they are taking their companies with them, along with the oil companies closing refineries so they are also losing all of that tax money from businesses, employees, and all the ancillary organizations.
I’ve heard rumors there is also a ‘proposal’ to tax all savings accounts in California with a one time 5% tax… yeah, right… ‘one’ time. Every year about April 15th???
If that becomes a reality, EVERY person will take the hit, regardless of their income level. And even with that, it will not come close to making up for the losses they are experiencing.
Even worse, I don’t think anyone knows for sure exactly how much in the hole California is, much less how bad off their pension plans are considering how much they have to pay pensioners every month!
If you’re getting ready to leave, do us a favor, LEAVE the California mentality there and don’t bring it with you. Trust us, we don’t want your attitudes or politics in our states. We’ve already lost Austin the left coast liberals! They tried to outlaw BBQ in Austin!!!
Needless to say, that didn’t pass…
A “one time” tax on savings accounts. Remember that the income tax (which required a constitutional amendment) was a “temporary” tax to fund WWI, was capped at 3%, and was only to apply to the “rich”. Thank you Woodrow Wilson. The only tax more permanent than a temporary tax is a “one time” tax.
I’m curious what the billionaires tax would actually tax – they say net worth, but when somebody has assets, real estate, trusts, etc, how would the government claim it as “theirs” , especially if it’s in another state?
Unfortunately I suspect they don’t care about that and their courts will support them…
The billionaires are not the real targets. They are the bloody shirt waved to inflame the mobs.
The real money is in the pockets and assets of the diminishing middle class.
It’s gonna get sporty when the state welfare dries up.
NRW- Correct!
Jonathan- It’s ‘anything’ they own, including stocks/partnerships, etc. regardless of where it is!
John- Point!
Tuvela- Definitely!!!
They can try that, but they’re going to run into big problems.
There are interstate agreements on tax jurisdiction, and then there is the difficulty in proving ownership of assets that are in LLCs, trusts, etc.
In addition, who determines what someone is worth? There are already entire forms that specialize in justifying high or low valuations of non liquid assets.
California appears to be determined to set a new bar for stupidity…
Makes me happy to live in Texas. I grew up in NYC.
Even more blue state Libs diluting the voting pool.
When I checked the results of our Texas primary -IIRR- there were a good 400K more Dem votes than Republican turnout for Senator.
Looks like We’re going to have a new Senator, hopfully it’s Paxton.
Seems the Super Bowl players ended up with little after California got through taxing them. The problem with CA expats is, as you point out, the attitude they bring with them.
In 2008 I worked for seven months in California as an independent contractor. Their revenuers were determined to get their pound of flesh. They got nothing.
Anybody who tries to outlaw BBQ in TEXAS, of all places, is certifiably insane…..
What is significant about the 18th of December is that is when the start of our nam experience stated to come to an end. That is when I was born, last century.