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....

How in your mind does this relate to Federalism?
#10 | POSTED BY SNOOFY

You might need a lesson on the definition of "federalism"

States attempting differing experiments on taxation etc etc.

They made hundreds billions off of being in California.

They made hundreds of billions being in the US stock market, why can't they move anywhere in the US?
They made hundreds of billions being on the planet earth, why can't they move anywhere on earth?

So entitled they can't support the state that supported them and gave them the opportunity?

They paid taxes, they paid so much taxes that in order to recoup the current loss CA needs to raise income tax to 20% (+9%) for middle class.

To say nothing about educating their workforce
#4 | POSTED BY TRUTHHURTS

I wouldn't say California is educating their workforce. Their workforce is like my office here in SiliconValley, mostly immigrants, and east coast university graduates, a couple of Californians.

California isn't what it used to be.

California firefighters never protected their property, police officers never kept them safe, street cleaners never took care of their neighborhoods, right?

Fascinating this is precisely true.

Firefighters to the governor failed horrendously in keeping Palisades protected.
Police Officers aren't meant to keep you safe, just ask Snoofy.
I have never seen a "street cleaner".

So not sure what you're talking about.