California Billionaire Tax Proposal Divides Tech Titans

California's proposed one-time 5% wealth tax on billionaires has sparked a stark divide among Silicon Valley's elite. Nvidia CEO Jensen Huang, with a net worth of $159 billion, stands virtually alone in his acceptance of the levy, stating "We chose to live in Silicon Valley... whatever taxes they would like to apply, so be it."

The exodus has already begun, with tech luminaries including Google co-founder Larry Page, Palantir's Peter Thiel, and Trump's new AI advisor David Sacks relocating to tax-friendly states like Florida and Texas. The Service Employees International Union-backed proposal would fund education, healthcare, and food programs, retroactively applying to residents as of January 1, 2024.

At current valuations, Huang WOULD owe approximately $7 billion, Page $13 billion, and Thiel $1.3 billion, payable over five years. SEIU-UHW's Suzanne Jimenez argues the system rectifies an imbalance where "regular working people pay higher effective tax rates than the wealthiest Americans."