While fellow billionaires rushed to abandon California before a landmark wealth tax snapshot locked in their liability, one of the richest people on earth publicly embraced what could be the largest personal tax bill in state history.
  • MyBrainHurts@piefed.caEnglish
    2·
    1 month ago

    Estimates seem to vary but I’ve found a good few at 3 billion total from the wealthiest 200 Californians.

    Also, given the article noted that:

    Departing billionaires slashed projected one-time revenue from $100 billion to $40 billion, with Page and Brin’s exits alone costing California $26.7 billion.

    That implies the current tax revenue from billionaires would drop 60 or so percent. So, presumably tax revenue drops from 3 to 1.2 billion, just based on current flights (and ignoring knock on effects.)

    So, no one else leaves and we don’t count knock on effects, I’d guess it’d take ~ 21 or so years before this starts cutting. But, of course, knock on effects (folks decamp to say, Texas which seems to be snagging as many once Californian businesses as possible…) It’s going to be a very interesting, depressing experiment. (Really feels like a race to the bottom but that’s the America we know and,uhhh, love?)