Crypto Confidence Rises, Hope For Lower Interest Rates
The proposed billionaire tax in California is a long way from actually becoming law. But that hasn’t stopped some of the state’s wealthiest from speaking out—and in some cases, planning ahead.
The policy would impose a one-time 5% tax on the net worth of the state’s billionaires, and those who crafted the proposal say it would raise around $100 billion. Forbes calculates that California residents like Larry Page and Mark Zuckerberg, both worth more than $200 billion, would face tax bills of around $13 billion and $11 billion, respectively.
The prospect already has some packing their bags. Nonetheless, the state is still arguably the best place to build a tech fortune, with a record number of billionaires.
