[Alupis]

Every election you have celebrities and wealthy individuals threaten to leave the country, etc. Nearly none of them follow-through, and of the ones that do, many ultimately move back.

Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be generations of lost benefits to California.

[garciasn]

Yeah; there's absolutely no way he could possibly support philanthropic efforts in one state from another. Nope; everyone now loses out because of it!

There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.

To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.

[zeroonetwothree]

1. The tax could cause him to sell equity he doesn't want to. It's not like he has $270B in a checking account.

2. If they do it once then why not again next year? Maybe next time it's for only $100 million or $10 million or $1 million. Eventually everyone is paying 5% of their wealth every year. Why not? That's how we got the current income tax.

3. It's the principle. Resisting these efforts sends a signal that they aren't a good idea.

4. Do we really think the money is better off in control of the incompetent CA government than invested in private enterprise or donated to charity? I don't see how it's better for it to line Newsom's Swiss bank account.

[ivewonyoung]

According to later replies on X it's based on voting control percentage for dual class shares, so it's 40% tax, not 5%. So more than $100 billion.