The Billionaires Who Can't Take the Heat, Or So They Claim. As California's proposed wealth tax heats up to a boiling point, billionaires are going to great lengths to avoid it, including fleeing the state altogether.
Larry Page, Google and Alphabet cofounder, has been spotted buying homes in Florida, sparking rumors that he may have left California due to the impending wealth tax. While Page is not alone, with around 250 billionaires facing the same fate, his move is being hailed by some as a clear indication of just how seriously the ultra-rich are taking this issue. Others, however, see it as an overreaction.
Others argue that billionaires like Bill Ackman and Elon Musk have no reason to panic. Ackman believes that the proposed 5 percent wealth tax will be catastrophic for the economy, while Musk claims he already pays plenty of taxes and doesn't see why he should pay more. Even if this is true, it raises questions about how much of their wealth these individuals really need.
For those who are genuinely concerned about inequality, a wealth tax could be an effective solution. Senator Elizabeth Warren has proposed the "Ultra Millionaire Tax Act," which would impose a 2 percent tax on households over $50 million and a 1 percent surtax on wealth exceeding $1 billion. However, this bill faces significant hurdles in Congress.
So, what's driving billionaires' panic? According to some, it's simply a case of "every tax is a taking." They see the proposed wealth tax as an attack on their hard-earned wealth and freedom. This is particularly galling for those who believe that their wealth was created by government-backed research and infrastructure.
On the other hand, there are voices of reason, like Jensen Huang, Nvidia's billionaire cofounder. He's choosing to stay in Silicon Valley and contribute to the region's continued innovation, rather than fleeing the state to avoid a perceived threat.
Larry Page, Google and Alphabet cofounder, has been spotted buying homes in Florida, sparking rumors that he may have left California due to the impending wealth tax. While Page is not alone, with around 250 billionaires facing the same fate, his move is being hailed by some as a clear indication of just how seriously the ultra-rich are taking this issue. Others, however, see it as an overreaction.
Others argue that billionaires like Bill Ackman and Elon Musk have no reason to panic. Ackman believes that the proposed 5 percent wealth tax will be catastrophic for the economy, while Musk claims he already pays plenty of taxes and doesn't see why he should pay more. Even if this is true, it raises questions about how much of their wealth these individuals really need.
For those who are genuinely concerned about inequality, a wealth tax could be an effective solution. Senator Elizabeth Warren has proposed the "Ultra Millionaire Tax Act," which would impose a 2 percent tax on households over $50 million and a 1 percent surtax on wealth exceeding $1 billion. However, this bill faces significant hurdles in Congress.
So, what's driving billionaires' panic? According to some, it's simply a case of "every tax is a taking." They see the proposed wealth tax as an attack on their hard-earned wealth and freedom. This is particularly galling for those who believe that their wealth was created by government-backed research and infrastructure.
On the other hand, there are voices of reason, like Jensen Huang, Nvidia's billionaire cofounder. He's choosing to stay in Silicon Valley and contribute to the region's continued innovation, rather than fleeing the state to avoid a perceived threat.
. I mean, if you've got that much cash stashed away, do you really need 5% of it? It's not like it's going to break them 
. And let's be real, most billionaires are way more invested in their own power and influence than they are in the taxes they pay. They're just worried about losing control 
. I think it's great that some of these billionaires are actually standing up for what they believe in, like Jensen Huang 
. He's got more guts than most people half his age 
. And as for Page fleeing to Florida, maybe he's just looking for a new adventure 
. Who knows?
. I mean, come on, they're already making billions. They have more money than most people will ever see in their lifetimes 
. But it's not just about the money. It's about how it's perceived - like their wealth created by government-backed research and infrastructure 
. That's not true for most billionaires. They've worked hard to get where they are 
.
. It's not going to solve everything, but it's something. The Ultra Millionaire Tax Act is a step in the right direction 
. Plus, billionaires like Jensen Huang are setting an example by staying put and contributing to society 
. Maybe we should be more like him instead of running away from a little tax 
.
... I mean, come on, if you're making that kind of money, you should be able to afford it 
. They're not exactly hurting anyone with their cash, right? 
. Meanwhile, people are struggling to make ends meet and these guys are worried about losing a few percentage points of their fortune 
. Give me a break 
.
And what's with all this talk about "taking" from the government? Can't they see how unfair it is to just assume everyone else has to pay more taxes while they don't? 
. They should be grateful that we're even having this conversation.