Silicon Valley Executives Consider Fleeing California Due to Proposed Wealth Tax

Silicon Valley is abuzz with concerns about a proposed wealth tax that could impact tech executives. The tax, which would be applied to founders' voting shares rather than their actual equity, has sparked anxiety among the tech elite. According to TechCrunch, the proposed tax is not the 5% rate that has been widely reported. Instead, it would target founders on their voting shares, which could have a significant impact on their wealth.

The proposed tax has been met with resistance from tech executives, who argue that it would stifle innovation and entrepreneurship in the region. The tax would also disproportionately affect founders who have a high percentage of voting shares, such as Larry Page, who owns around 3% of Alphabet's voting shares.

The proposed tax has sparked a heated debate among tech executives, with some arguing that it would be a major setback for the industry. Others have suggested that the tax could be a major factor in the decline of Silicon Valley's status as a hub for tech innovation.

The proposed tax is still in its early stages, and it remains to be seen how it will be implemented. However, the concerns among tech executives are clear, and it is likely that the tax will have a significant impact on the industry.

Sources

[1] Why Silicon Valley is really talking about fleeing California (it’s not the 5%)