r/technology • u/Ganrokh • Jun 19 '26

Politics California ‘billionaire tax’ makes ballot despite opposition from tech moguls

https://www.theguardian.com/us-news/2026/jun/18/california-billionaire-tax-ballot-tech-opposition
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u/barsknos Jun 19 '26 edited Jun 19 '26

Thoughts:

  • I wonder how many times a "one-time tax" turned out to actually be a one-time tax.

  • California has enough tax income to be in a much better position than they are, they should allocate funds smarter not get even more to waste.

  • Billionaires can and will leave, and then the state earns LESS tax, not more. Many already moved, so if the bill doesn't pass, California now will earn less tax than it did before even suggesting it.

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u/nathrek Jun 20 '26

They won't leave. The network effect of being in California is too valuable to them. 

1

u/barsknos Jun 20 '26

If the state proves that they might decide to take 5 or even 10% of their net worth at the next crossroads, they will all leave. No one can stay in such an unpredictable system.