alt Hacker NewsYeah; there's absolutely no way he could possibly support philanthropic efforts in one state from another. Nope; everyone now loses out because of it!
There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.
To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.
Replies
ivewonyoung • today at 1:27 AM
According to later replies on X it's based on voting control percentage for dual class shares, so it's 40% tax, not 5%. So more than $100 billion.
1. The tax could cause him to sell equity he doesn't want to. It's not like he has $270B in a checking account.
2. If they do it once then why not again next year? Maybe next time it's for only $100 million or $10 million or $1 million. Eventually everyone is paying 5% of their wealth every year. Why not? That's how we got the current income tax.
3. It's the principle. Resisting these efforts sends a signal that they aren't a good idea.
4. Do we really think the money is better off in control of the incompetent CA government than invested in private enterprise or donated to charity? I don't see how it's better for it to line Newsom's Swiss bank account.