Google cofounder Larry Page richest to exit California: $100bn revenue target at risk
Reported by Times of India, not nibnow. We are not the publisher of this story, only the source is.
If Larry Page and other wealthy Californians leave to avoid Proposition 40, the state could lose billions in tax revenue, affecting public services and budgets.
As Californians gear up for the vote on Proposition 40, a one-time 5% wealth tax aimed at billionaires, tech mogul Larry Page, co-founder of Google, is contemplating a move out of state to dodge the hefty taxes. This potential exodus could threaten the proposed $100 billion revenue, with estimates suggesting a looming $29 billion shortfall in tax income as other affluent residents follow suit.
Proposition 40 is a proposed one-time 5% wealth tax on California billionaires, intended to raise $100 billion for the state’s finances.
- •The outcome of the upcoming vote on Proposition 40
- •Any announcements of wealthy residents relocating out of California
- •State officials’ response to projected revenue shortfalls