Another one...
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...
As someone who moved from a blue state to a red state, I can say for certain that if you don't leave your blue state mentality there, someone you meet in your new home will tell you about it. You can't want the freedom from the blue tax machine while still wanting blue services. Freedom doesn't work that way. The left coast and the upper right coast are in the Find Out stage right now, after Effing Around for decades.
I'm waiting for them to attempt to enforce the grab based on the back dating, and getting told to pound sand.