Larry Page’s apparent Florida move highlights how seriously the ultra-rich are taking a one-time tax aimed at extreme wealth inequality.
Did California lose Larry Page? The Google and Alphabet cofounder, who left day-to-day operations in 2019, has seen his net worth soar in the years since—from around $50 billion at the time of his departure to somewhere approximating $260 billion today. (Leaving his job clearly didn’t hurt his wallet.) Last year, a proposed ballot initiative in California threatened billionaires like Page with a one-time 5 percent wealth tax—prompting some of them to consider leaving the state before the end of the year, when the tax, if passed, would retroactively kick in. Page seems to have been one of those defectors; The Wall Street Journal reported that he recently spent more than $170 million on two homes in Miami. The article also indicated his cofounder Sergey Brin also might become a Florida man.
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It'll be funny if all the billionaires flee and they don't pass the tax anyway.
Funny in a psychotic burn the world down kinda way.
A pet theory of mine is they are passing this law (or threatening to) for a secondary purpose....they know they will collect $0 from this law, but there is another shoe waiting to drop.....
I think most likely situation is the ruling elite are aware that the dependable "ultra-lefty mega rich techbro" doesn't exist anymore....those people are all shifting to the right. Therefore the goal is to push them out of state so they don't fund opposition politicians.
There is very very little chance that they actually think you are going to get a highly mobile, mega wealthy billionaire that has an army of CPAs and lawyers that rival the state to pay some fake 5% tax....
The case I’d be most interested in is someone whose net worth is 95% brand name.
How do force someone to liquidate that?
Whose net worth is 85 percent brand name?
Probably no one, but it's not an impossible scenario.
I was thinking about some of the valuations on Trump's net worth from 2015/16. Some of them had his name as the overwhelming share of value.
Valuations are tricky unless there is an auction or bidding war
Regarding Trump as a brand, didn't he negotiate licensing fees and residuals for using his name image likeness?
He did, which I'm sure formed a partial basis for the valuation, but the valuation also includes his potential to monetize his name more. That's why it can increase or decrease a lot, even if he isn't making any new licensing deals.
You don't. You bankrupt them with a tax bill that is impossible for them to pay.
You can try, but a lien can't exactly be put on the potential revenue from their name rights.
you can garnish or levy their residuals and fees?
Of course, but they could have almost entirely unrealized naming rights.
Can you provide an example, real or otherwise
you mean burn California literally
This wealth tax will be struck down by a federal court