Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.

Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.

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[–] 193 points 9 months ago (7 children)

Ooo let's make it nationwide then

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  • [–] 67 points 9 months ago (2 children)

    % of profits made in the state off standard pricing, tax the company. The company can choose to not sell their products in the state. If Google/Apple/whomever decides they don't want their products used in the state and lose 40m customers, that's their choice.

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    [–] 133 points 9 months ago (13 children)

    “Leave” as in claiming their primary residence is in Florida while spending all of their time in California.

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  • [–] 15 points 9 months ago (1 child)

    California is pretty strict about taxing you if you spend too much time there.

    I'm in Washington state (no state income tax) and have had colleagues who've spent a lot of time in California warned by payroll that they're approaching the limit on time before you're deemed a tax resident (maybe 180 days per year, but I'm not sure).

    In particular, any part of a day spent in California counts as a whole day, as I understand it. So if you fly in on Monday evening, spend Tuesday and Wednesday, then fly back Thursday morning, it's 4 days.

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    [–] 87 points 9 months ago (16 children)

    They won’t leave. They’re just trying to scare idiots into voting for policies that only benefit the rich and their ilk.

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  • [–] 63 points 9 months ago (1 child)

    A.) No they're not

    B.) If they do, then good for everyone in California. Let them dodge taxes elsewhere.

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    [–] 62 points 9 months ago

    If they weren’t paying taxes in the first place, their departure only improves the environment.

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  • [–] 58 points 9 months ago

    Taxes don't have to care where you live. If done properly, all that matters is where the assets are. You want to do more than $1B(or whatever number makes sense) of buisness in California? You need to create a California based subsidiary to handle it all. And share holders of that buisness pay tax on the value of those shares. Then it doesn't matter where Alphabet or Google or their CEOs are located.

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  • [–] 50 points 9 months ago

    The ultra wealthy said the same thing about New York City, they aren't going anywhere.

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  • [–] 50 points 9 months ago*

    'Flee'?! Like cockroaches when the light is turned on?

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  • [–] 49 points 9 months ago* (last edited 9 months ago)

    Threatening people with a good time? A bold strategy Cotton!

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  • [–] 49 points 9 months ago
    [–] 48 points 9 months ago (3 children)

    If you can't contribute anything but only take take take, then get the fuck out of the whole country while you're at it. And stay out!

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    [–] 39 points 9 months ago (1 child)

    This How Money Works video talks about these hollow threats. In short, they probably would leave anyway.

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    [–] 39 points 9 months ago

    You don't have to sell it to me I was already in

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  • [–] 38 points 9 months ago (1 child)

    This happened in NJ and the billionaire who “left because of taxes” has both returned to the state since and pretty consistently stated he did not leave because of the tax hike and never said that was his motive. While I am sure these scumbags will do whatever is necessary to avoid paying taxes my point is don’t expect the media to not propagandize here.

    The narrative being built is clearly one to make the average person think “increasing taxes on the wealthy will hurt us!” This is what happened in New Jersey. “If the tax increases are passed and David Tepper leaves it will cost the state hundreds of millions of dollars and ruin everything!”. It’s that domestic abuse shit; “you should just let me exploit the fuck out of you and if you don’t I’ll bail and it’s your fault for not letting me continue to do so”. Also fwiw while Tepper left NJ was fine and while his loss was notable to the tax budget it was not insurmountable by any means. NJ and California are already quite wealthy states.

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    [–] 37 points 9 months ago

    I'm threatening to move if my landlord persists on collecting rent, that should get him to back off

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  • [–] 37 points 9 months ago (6 children)

    Sure, go to Texas. See how they like people moving from California.

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  • [–] 33 points 9 months ago (3 children)

    And remember: Thiel is gay. So I hope he gets the maximum dose of homophobia and hostility from ignorant, prejudicial Texan chuds, too.

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    [–] 37 points 9 months ago

    Your taxes don't mean shit to the state if all you do is look for reasons not to pay them, and don't pay them.

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  • [–] 27 points 9 months ago

    Yet another benefit of the wealth tax.

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  • [–] 25 points 9 months ago

    Let them flee all the way to Russia. Billionaires shouldn't exist in the first place.

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  • [–] 25 points 9 months ago

    Keep those evil fuckers running!

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  • [–] 25 points 9 months ago

    Go. Please go. They say this all the time, I really wish they would.

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  • [–] 24 points 9 months ago (1 child)

    We should hold a farewell party and hold them to it

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    [–] 24 points 9 months ago (3 children)
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    Good, making California a more affordable place for California families. I hope one their platinum-plated private jets collides with the others gold-plated mega yacht on their way out and I never have to read this shit from their publicists again.

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  • [–] 21 points 9 months ago (3 children)

    If he leaves the country maybe he'll take his puppet Shady Vance with him.

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  • [–] 21 points 9 months ago

    go on, git!

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  • [–] 21 points 9 months ago*

    Greedy fucks should be totally stripped of their wealth wherever they go so as to (re)learn what its like down here with us

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  • [–] 16 points 9 months ago

    No, they aren't.

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  • [–] 16 points 9 months ago

    Are these the same billionaires who were going to leave New York? Or different ones?

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  • [–] 16 points 9 months ago (1 child)

    How about taxing billionaires in all 50 states, a federal billionaire tax and all other countries impose a billionaire tax. Make them have nowhere to go.

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    [–] 15 points 9 months ago
    [–] 15 points 9 months ago
    [–] 14 points 9 months ago

    Bye. Go to Texas or Florida. Next....

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  • [–] 14 points 9 months ago

    People of California: Don't threaten us with a good time. (Also, not like their tax dollars will be missed)

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  • [–] 13 points 9 months ago

    It wasn’t as if these billionaire parasites were paying taxes anyways.

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  • [+] 13 points 9 months ago* (last edited 8 months ago)
    [–] 13 points 9 months ago*

    Lol they already have like 500 homes in like 50 countries. Its either this or a series of Luigi Mangioni-like shootings and imo, I'd rather have these billionaires just pay their fucking taxes.

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  • [–] 13 points 9 months ago

    If they were going to leave it wouldn't be posted like this, as a threat in the news.

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