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As billionaires debate California's wealth tax, a tech investor suggests other ways to raise revenue that target a huge loophole the rich exploit | Fortune
"But the truth is a lot of ultra wealthy people borrow money against their assets and live off of that borrowed money."
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lemonde.fr
Californian billionaires flee potential one-off 5% wealth tax
In 2024, California had 255 billionaires, more than any other state. A state ballot initiative aimed at taxing the state's wealthiest residents could be put to a public vote in…
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fortune.com
As billionaires debate California's wealth tax, a tech investor suggests other ways to raise revenue that target a huge loophole the rich…
"But the truth is a lot of ultra wealthy people borrow money against their assets and live off of that borrowed money."
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'You are really playing with fire with this one': California billionaires tax ignites, pitting labor unions and voters against tech execs |…
California has more billionaires than any other state — a few hundred, by some estimates. Nearly half its personal income tax revenue is from the top 1%.
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‘Sickening and greedy’: California millionaire slams Larry Page and Sergey Brin for cutting ties with the state to avoid wealth tax |…
As billionaires flee the state to avoid the proposed wealth tax, other high earners support the one-time tax.
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California's wealth tax doesn't fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on | Fortune
Billionaires live under "buy, borrow, die," and California's wealth tax wouldn't touch that. An estimated $1 trillion of wealth has already fled.