This Tech Billionaire Just Left California & This Is How Big the Budget Hole Is Now (Video)
Dave Rubin of “The Rubin Report” shares a DM clip of Meta’s Mark Zuckerberg moving his family and his tax dollars to Miami, Florida, to escape California’s billionaire tax proposal.
The proposed “2026 California Billionaire Tax Act,” backed by unions like SEIU-UHW, seeks a 5 percent one-time tax on the net worth of individuals with over $1 billion in assets, aiming to fund healthcare, education, and social services. If approved for the November 2026 ballot, it could impact roughly 200 of the state’s wealthiest residents.
Critics, including Gov. Gavin Newsom, warn the tax could cause a mass exodus of billionaires, with some already reported to be leaving for states like Florida. Opponents argue it taxes “phantom wealth” or unrealized gains, forcing founders to sell shares to pay the tax. Concerns exist that it could harm Silicon Valley by driving away innovation and startups. If passed, the tax’s retroactive element is expected to face immediate court challenges.
https://youtu.be/3I25HGjC8IU
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