Progressive Democrats in California are advocating for an extra 1.5% tax on individuals whose personal fortune is more than $1 billion. If successful, this measure would make California the first state in the country to impose such a tax.
The proposed wealth tax in California would oblige former residents to continue sending a part of their income back to their home state even after they had moved away. This ground-breaking legislation has the potential to dramatically transform our community’s concept of taxes as we now know it.
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Managing partner of 8VC Joe Lonsdale, a man who once lived in California, appeared on “Fox & Friends” to discuss what he referred to as the “ridiculous” tax idea being considered in that state.
“It’s fundamentally un-American. You know, even the French lost a bunch of millionaires and billionaires. You know, this is really more a theatrical production going on in California. This is one of the most mismanaged states there is, right? The top 1% already pay about half the taxes in their most progressive state,” Lonsdale, who relocated to Texas not too long ago, elaborated on this for the co-host, Steve Doocy.
“The state’s a total mess. And what they’re doing here is they’re signaling something crazy, and they’re probably going to compromise and tax the billionaires more some other way. But it’s really ridiculous,” Lonsdale said Wednesday.
In a little more than three years, the proposed wealth tax may be enacted into law if it receives approval. Those individuals who have a net worth that is more than $50 million globally will be required to pay an annual charge of 1% on their accumulations starting in January of 2024; however, the rate for billionaires will already be 1.5%.
Ross Lonsdale, a native of California who now resides in Texas, was asked by Steve Doocy to explain why he made the decision to relocate to Texas. In response, he mentioned a number of different cultural issues that finally caused him to leave the Golden State.
“It’s really hard to build there. It’s really expensive to hire people there. You’re basically either some form of a billionaire or some form of service worker who’s driving two hours, you know, to work for them. Not a healthy place to raise kids,” Lonsdale said.
A cultural revolution has also taken place in Silicon Valley, which is located in California and is home to many of the world’s most successful technological businesses, including Google, Apple, and Facebook. Lonsdale observed that the growth of technology has “spread throughout the country,” which enables other states, such as Texas, to get a portion of the revenues generated by U.S. technology.
“Technology… has spread all throughout our country. We can build things in defense and logistics and bio from so many different states. And Texas is a much healthier place to base your business in California these days,” he continued.
“It’s something where you maybe [find] the best technology talents in Silicon Valley. You might even need their help to start something, but you’re certainly not going to scale it there. You’re certainly not going to build a big business that stays there. As soon as you can, with these kinds of people in charge, you’re going to get out somewhere less corrupt,” Lonsdale concluded.
