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California wealth tax proposal raises concerns over exodus of wealthy residents

Fox Business +1 · ·by G4L

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  1. 1A bill is being proposed to introduce a one-time 5% wealth tax on taxpayers and trusts with assets exceeding $1 billion.
  2. 2Unlike the $100 billion in tax revenue projected for mid-2026 by proponents, researchers estimate a net present value loss of $38.9 billion.
  3. 3Google co-founders Larry Page and Sergey Brin have left California following the wealth tax proposal.

So what's the key point?

California is pushing a bill to tax people with very high assets. Google co-founders Larry Page and Sergey Brin have left California due to the impact of this bill.

Source Fox Business +1 · View original ↗

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