A number of prominent technology leaders are departing California after state lawmakers advanced a proposal to impose a 5% tax on individuals worth over $1 billion, a policy critics believe could speed up the migration of billionaires and major business figures out of the state. The proposal, which may appear on the November ballot, would require California residents with a net worth exceeding $1 billion to pay a one-time 5% levy on their total assets. Tech Leaders Exit California Amid Proposed 5% Billionaire Wealth Tax Revenue generated from this tax would be directed toward funding public education, food assistance initiatives, and healthcare programs across the state. Although several affluent residents have already relocated, others have publicly suggested they may move their companies and families to states with lower tax burdens if the measure is approved. Despite the departures, some wealthy individuals have chosen to remain, arguing that Silicon Valley continues to offer unmatched access to technological innovation, investment capital, and highly skilled talent. Mark Zuckerberg is reportedly preparing to relocate to Florida, having purchased an expansive waterfront estate in Miami’s exclusive “Billionaire Bunker” neighborhood, where he and his wife, Priscilla Chan, are expected to settle by April. Larry Page has… Read MoreBusiness Archives – Trak.in – Indian Business of Tech, Mobile & Startups
