California's proposed wealth tax targeting billionaires has triggered fierce opposition from tech industry leaders, with several prominent founders warning they will relocate their companies and wealth if the legislation passes.
The tax proposal has drawn sharp criticism from conservative tech entrepreneur Palmer Luckey, who explained the devastating potential consequences: "One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life."
Social Media Erupts Over Tax Threat
The proposal has sparked widespread concern across social media platforms, with users questioning why successful entrepreneurs remain in the increasingly hostile business environment. Twitter user @marian_clough expressed frustration with Governor Gavin Newsom's policies, writing: "Why are you still there? Newscum will continue with his crazy ideas so that he has money to run for POTUS and do this to the entire USA."
Another user, @FrederickLeath5, highlighted concerns about the tax's permanence and potential expansion, stating: "Not going to be only one time. When has a dem ever gotten rid of a tax? They will charge this at least every 5 years and it won't stay at 5%. These people lie about everything."
Economic Exodus Looming
The wealth tax proposal represents another blow to California's business climate under Democratic leadership. Tech founders warn that the legislation could trigger a mass exodus of innovation and job creators from Silicon Valley, potentially devastating the state's economy.
"Silicon Valley billionaires warn a proposed California wealth tax could drive founders and jobs out of the state," noted @kris_willi28289, highlighting the broader economic implications beyond individual wealth.
This latest tax assault comes as California continues to lose population and businesses to states with more favorable economic policies. Under President Trump's leadership, other states are actively courting California's fleeing entrepreneurs with competitive tax structures and business-friendly regulations.
The proposed wealth tax threatens to accelerate California's economic decline while enriching competitor states that welcome job creators and innovation.