Garry Tan -
Larry and Sergey can't stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares.
Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap.
But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion.
A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each.
That's 50% of their actual Alphabet holdings"wiped out by a "5%" tax.
Section 50303(c)(3)(C) of the 2026 Billionaire Tax Act states: "For any interests that confer voting or other direct control rights, the percentage of the business entity owned by the taxpayer shall be presumed to be not less than the taxpayer's percentage of the overall voting or other direct control rights."
This means if a founder holds shares representing only 3% of economic interest but 30% of voting control (through Class B supervoting shares), the tax would presume their ownership stake is at least 30% for valuation purposes, not 3%.
The wealth tax is poorly defined and designed to drive tech innovation out of California.
https://x.com/garrytan/status/2009776299666223265?s=12
California keeps losing tech as %, while numbers might be increasing California Tech edge is falling....
"A letter from USDA Brooke Robbins addressed to Gov. Tim Walz and Minneapolis Mayor Jacob Frey cited the Feeding Our Future fraud scheme, in which dozens of people have been convicted of stealing millions of dollars from a federal program meant to feed children in need during the COVID-19 pandemic.
"The widespread and systemic fraud associated with federal benefit programs in the State of Minnesota and the City of Minneapolis demonstrate an inability to handle federal resources without additional oversight and accountability measures in place," Rollins wrote in the letter.
The diktat states that the USDA will suspend all active and future awards to the state of Minnesota and city of Minneapolis, totaling more than $129 million. The letter also requires the state and city to "provide the USA with payment justifications for all federal dollar expenditures from 20 January 2025 to the present" and require similar payment justifications in the future."
In March 2023, Governor Tim Walz (D-MN) signed a law that provides free breakfasts and lunches to all students at participating schools, effectively creating a program to feed all school children in the state. Source: School Bill
Approximately 9.1% of Minnesota households experienced food insecurity in 2023; over 440,000 Minnesotans depend on food assistance programs that are directly impacted by USDA funding. Source: Food Security in Minnesota
Dummkopf Trumpf and his sinister junta continue waging war against the people of Minnesota.