California considers a tax on Billionaires: Profoundly anti-Capitalist, or an Idea whose time has come ?
While most European countries have rejected wealth taxes as disincentives for investors and tech investors, California may vote in November to impose a 5% “one time” excise tax on billionaires. The likes of Larry Page and Mark Zuckerberg are looking to relocate to Florida or Texas to avoid it. Will California’s crazy politics kill the tech goose that laid the golden egg ?
California voters may be asked to vote on a Billionaire Wealth Tax which has already seen the likes of Larry Page, Sergei Brin and Mark Zuckerberg consider relocating to Florida or Texas. Most European countries that had wealth taxes have scrapped them as they consider them hostile to innovators and entrepreneurs. So why would California consider a discredited tax strategy that even Governor Newsom has denounced ?
