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Larry Page, Sergey Brin, and Peter Thiel All Fled California’s Billionaire Tax. Nvidia’s CEO Isn’t Going Anywhere. Even With an $8 Billion Bill Coming His Way (finance.yahoo.com)
submitted 1 day ago by to c/technology@lemmy.world
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[–] 8 points 19 hours ago (2 children)

The average tax income from billionaires in california looks to be around 10million a year. So combined the about 200 billionaires in california are paying 2 billion a year. Rough numbers would be that is 150 of them left then the one time tax would start being a negative income in 10 years. That assumes money stays flat.

Honestly there is no way that this ends up being a serious net negative and these folks are still operating in California enough that they may fail to avoid residency review.

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  • [–] 2 points 16 hours 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?)

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