r/California • u/sfgate • 3h ago
Mark Zuckerberg threatened to leave California over billionaire tax
https://www.sfgate.com/tech/article/zuckerberg-billionaire-tax-22488181.php3.0k
u/Any-Difficulty2782 3h ago
bye bitch
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u/Safe-Salamander-3785 2h ago
We taxed the rich in Massachusetts and they didn’t leave. And now we are the best state to live in. Don’t be scared, it’s the best thing California can do
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u/likesound Los Angeles County 2h ago
You don’t know what you are talking about. Massachusetts increased their income tax. It’s different than a wealth tax. Plus CA tax is already much higher than MA even after they implemented their millionaire tax.
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u/Sojouner_King 2h ago
“One of the richest men in Silicon Valley was handed a reason to panic and calmly dismissed it. Asked about California’s Prop 40, the one-time 5% tax on billionaire wealth that would cost him nearly $8 billion, Nvidia’s Jensen Huang told Bloomberg Television: "We chose to live in Silicon Valley, and whatever taxes they would like to apply, so be it. I'm perfectly fine with it." His reason was economics. Nvidia stays because “that's where the talent pool is.”
What Massachusetts Teaches About Rich People Leaving
The exodus theory got a real-world test. In 2022, Massachusetts voters passed a permanent 4% surtax on incomes over $1 million. This is a permanent tax, unlike California’s one-time proposal. And a permanent tax is more likely to change behavior than a one-time tax would. Furthermore, millionaires should be more sensitive to tax differences between states than billionaires.
Three years later we can see how the wealthy respond to a tax. Standard economic theory says a large enough tax wedge – the difference between tax rates in one jurisdiction compared to another – will induce some residents to relocate and revenue will fall way below predictions. And the opponents of the Massachusetts millionaire tax used economic theory to predict exactly that.
But the opposite happened. The wealthy stayed and paid. The surtax raised $5.7 billion in its first two full fiscal years, roughly double the forecasts, funding free school meals, free community college, and bridge repairs. And the millionaire population grew rather than shrank: the progressive Institute for Policy Studies reports the number of millionaires in Massachusetts rose 38% from 2022 to 2024, with their combined wealth climbing from $1.6 trillion to $2.2 trillion.”
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u/lebastss 2h ago
Okay do you know what your talking about?
Do you have solid evidence or a similar case where a wealth tax with similar structure led to a negative economic situation?
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u/worst_brain_ever 2h ago
Sorry , there's ten billion dollar leaving town tax
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u/forrealthoughcomix_ 2h ago
If they lived here as of 1/1/26, they’re subject to the tax.
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u/tonynca 2h ago
The dude literally doesn’t pay any taxes because all his wealth is in equities.
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u/Emergency_Eagle1502 2h ago
No there isn’t he doesn’t pay taxes to begin with
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u/Greatgrandma2023 1h ago
If prop 40 passes an 41,42 don't the bill is retroactive to 1/1/26.
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u/Szaborovich9 1h ago
So he leaves, in 6mos he’ll be back. They are Californians. They won’t like being anywhere else. Or, they would have left already
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u/Simple_Song8962 20m ago
Right? Like what are they saying? "California? We love it but we just can't afford to live here anymore"? Like they're on a budget? They can fuck all the way off with that.
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u/XofHelix Sonoma County 2h ago
Not really, they contribute to nothing
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u/lazyfacejerk 2h ago
He contributes to Trump's inauguration party. He contributes all sorts of help to Republican causes, like electing a fool as president. He contributes by shutting down the no-kings protest coordination attempts. He contributes by buying up all social media sites that people actually use instead of his dead/dying dogshit social media site.
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u/True_Protection6842 2h ago
Who gives a fuck. He's a leach that takes more than he gives! Fuck him!
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u/marcianofromearth 2h ago
Haven’t paid taxes in all that money before, and he’s living before somebody makes him pay in the future, they should tax your billions to move them to another state just like they do with cars.
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u/the_blastomatic 1h ago
He's still gonna own that real estate and now he won't occupy any of it, so it'll all be subject to wealth taxation.
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u/sleepygardener 1h ago
He probably lives in his Hawaii compound full time anyways. If he wasn’t paying taxes while living in Hawaii, he sure won’t be taxes when he’s gone from California.
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u/CornDogCarol 55m ago
Tell that to the private island in Hawaii and the sos boat his yacht refused to respond to. He even launched metas ipo before marring his wife. He doesn't care about anyone or anything and will avoid everything thing that doesn't directly benefit himself
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u/spikey_wombat 6m ago
So cheaper everything then?
California's problem is the state has too much money. Absurd wealth concentration leads to rapid inflation. SF has the worst housing prices in the country and the state government then tries to mitigate the costs by new programs that raise taxes. The more money that enters unbalances the economy and the more the state government tries to rebalance.
Having a good portion of non productive wealth leave the state could start degentrifying and deflating prices. That would then lead to less need for welfare programs and then less need for taxes.
Now you don't want too much money leaving because then you get Mississippi or Arkansas and no one wants that, but some of the extreme wealth that has been generated and concentrated in California going elsewhere may benefit those who still live in the state.
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u/picturepath 2h ago
Make emm pay too. California exit bill, if you’re worth a billion or over hand down 50% of all assets. I only take home like 50% of my total pay, these tech bros take like 99% of their total pay!
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u/0202_tihssitidder 2h ago
Hawaii could do the funniest thing right now.
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u/familiarshadowkatt 51m ago
Indeed. I just visited recently, and the locals aren't feeling too kindly towards the billionaires at the moment.
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u/Electronic_Bee_ 2h ago
My exact thought. Build your weird child indoctrination centers somewhere else or not at all.
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u/MystikTrailblazer 2h ago
He owes $25B to New Mexico and $100,000B to everyone else. Time to shut it down. Liquidate everything and saddle him with a heavy debt cycle burden. Let's see what great ideas he has to pull himself up by his bootstraps.
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u/ConcentrateDirect523 2h ago
You know what state is home and to Zuckerberg's giant compound and is arguably more liberal than California??? HAWAII!
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u/HobbittBass 2h ago
The guy who’s building a massive subterranean apocalypse bunker in Kauai might leave California?
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u/WindowOfTruth 3h ago
More reasons to vote ‘yes’ on 40
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u/AmethystOrator 2h ago
No on 41 & 42 especially.
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u/MissNoTrax NorCalian 2h ago
The ballot says Bernie Sanders is an opponent to 41 and 42... Like I don't need more info than that!
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u/skydivingdutch 2h ago
Yeah. it's a very flawed proposition, but nonetheless sends a hard message that we're fed up with the wealth hoarding dragons. For that reason alone I'm supportive of 40.
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u/Unhappy-Plastic2017 2h ago
I was slightly conflicted on 40 cuz im like wait why just a one time tax? that doesnt make sense? just tax them yearly? but them im like ehhh - whatever f the billionaires and voted yes on it.
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u/andrefishmusic 3h ago
Is that a promise? Cause you all like to say you're leaving and then never leave
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u/Filmexec21 Orange County 2h ago edited 43m ago
This is exactly right. I know so many people who left California, as they thought the grass was greener on the other side, but now they most say people in California have no idea how good they have it, and they want to come back.
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u/spdelope Sonoma County 1h ago
Best part is it’s a lot harder to come back than to leave financially so they probably can’t
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u/mountainlongboard 1h ago
It’s hard to ski bum in sandy eggo so I went to Colorado ski country. I meet people all the time who have never been west of the Mississippi and talk shit on California. It’s ridiculous having to explain to a full grown adult that LA is a 6-7hr drive from San Fran and that it’s another 9hrs to Oregon from there. I have had to teach people that California has some mountains. Big ones it turns out.
“Holy sheet yall ski in California?!? How ya ski out there on the beach?!”
You ever heard of mt Whitney? Joshua tree? Tahoe?
“Nope”
It’s a pretty big hill out there. Also some deserts and cool lakes; Google it.
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u/lookskAIwatcher 34m ago
LOL I am a CA expatriate and it is funny when people trash talk about CA here and then I find out that there are a LOT of CA expats like me spending our savings in a place where we hear that trash talk. I meet a lot of people who have lived in CA at least part of their lives.
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u/padishaihulud 1h ago
I lived in Orange Co and hated every minute. I bet it's different if you're a millionaire, but for regular people there actually are better places. Sure, the salaries are lower, but so are the living expenses.
The only thing I absolutely miss is the fresh seafood and the higher quality restaurants, but Chicago is just a short trip for me to get world-class restaurants (sadly still no fresh seafood though).
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u/angiosperms- 2h ago
I remember how many people shit on California and left around COVID and they already came crawling back. Couldn't even make it 5 years.
Mark Zuckerberg being exiled from California should be on the ballot cause you know his ass will be back ASAP
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u/Iyellkhan 3h ago
his neighbors would probably be fine with that
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u/Cargobiker530 Butte County 1h ago
Billionaires are the worst possible neighbors. My sister lives in a neighborhood of multi-million dollar houses and there's more life happening at the cemetery. If it wasn't for the cleaning and lawn crews you wouldn't know anyone lived there.
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u/MapInternational5289 1h ago
His neighbors would like to have their street back instead of his turning all the houses around him into a compound.
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u/reluctantpotato1 3h ago
We can hope. Sell off all of your property, too.
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u/SoMuchMoreEagle 2h ago
Hawaii should run his ass out, too.
Florida or sone other shithole state can have him.
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u/reluctantpotato1 2h ago edited 2h ago
Hell yes. Hawaiian's can barely keep pace with the cost of living nonsense that rich transplants like Zuckerberg bring to their shores. Letting Zuckerberg to gobble up 2400 acres was a mistake on Hawaii's part.
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u/AmethystOrator 3h ago
The same zuckerberg who had multiple interactions with epstein, for example in this picture epstein took: https://www.reddit.com/r/Epstein/comments/1qy2nzh/found_a_photo_of_zuckerberg_musk_and_others_in_a/
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u/TheRealBaboo Bay Area 3h ago
And they said it wouldn’t work
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u/TheBracketry 2h ago
Seriously. If it doesn't make a damn dime it will be an improvement if some of these fuckers leave. Like it's such a great privilege to live with them and their outsized political influence.
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u/seriouslysampson 2h ago
They’d be taxed even if they leave. It’s based on being a resident and billionaire in CA at the beginning of the year.
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u/pnoodl3s Los Angeles County 2h ago
Even better then. They paid their dues then leaving california. Win win
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u/myghostflower Los Angeles County 3h ago
lol he’s gonna “leave” but have a house here
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u/mixmasterADD 2h ago
I’m almost certain that these assholes have already figured out a loophole to this tax.
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u/jlopez1017 2h ago
They may have but there’s a reason billionaires are still trying to fight this proposition. They’re investing millions into fighting it because it doesn’t benefit him
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u/filterdecay 2h ago
It’s retro to Jan 1 of 2025. No loopholes.
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u/likesound Los Angeles County 2h ago
No one knows if retroactively taxing someone is legal.
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u/filterdecay 2h ago
Let them fight it. If they win come back again. We should be taxing billionaires until they don’t exist.
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u/Jolly_Ad2446 2h ago
you know it's all the rich people leave shit's going to get a lot cheaper. we should figure out some kind of vacancy tax law so if they're home in California isn't their main home they have to pay a shit ton
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u/Boring_Owl6552 2h ago
Meta pays corporate tax at a lower rate in Ireland, avoiding US taxes while really headquartered in California. I'm sure Zuck pays less personal taxes by taking loans rather than income. Company has been gulty of so many things, and just got fined $25 billion (Cambridge Analytica Privacy). Guy is literally a pox on society. Good riddance if he so chooses.
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u/Zealousideal-Dog9273 2h ago
Sure thing, none of the billionaires pay their fair share of taxes. Zuck won’t be moving to New Mexico, I mean New America. NM filed the huge lawsuit against Facebook, I mean Meta, and NM certainly won’t give any sweet tax break deals!
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u/PallbearerOfBadNews Native Californian 2h ago
The leech threatened to stop sucking if you removed some of its teeth
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u/TylerDurden-4126 2h ago
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u/kbean826 2h ago
The right keeps saying if the billionaires leave it’s a problem. They aren’t paying taxes anyway, what would I miss? It’s the most puzzling fuckin argument.
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u/RogLatimer118 2h ago
Billionaires wouldn't be pouring money to fight that proposition if they intended to leave.
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u/Competitive-Car3692 2h ago
The fuck does he contribute? Does he buy a billion groceries? No. He pays homeless people to box him. Sick of pretending these people leaving will be a net loss for anyone but politicians taking their PAC money
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u/mycatisblackandtan 2h ago
Lemme guess he's going to flee to the bunker he made in Hawaii on stolen land?
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u/LnStrngr 2h ago
If he leaves, then we get nothing, right? Which is basically what we're getting now?
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u/Crude_n_tattooed 2h ago
Don't let the door hit you on the way out.
While the billionaires might actually follow through with their threats to leave, the companies they oversee have invested billions in physical infrastructure in CA. That's not something that can just get up and walk out with them. These threats are hollow, and regular people aren't going to follow their example and leave to Texas or some other shitty state
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u/No_Stuff_3268 2h ago
Bitch can leave, but still has to pay cuz dumbass lived in California as of 1/1/26. Funny how all of these billionaires want to get richer but dont want to give back to society that helps them get effin rich.
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u/Express_View822 2h ago
This actually scares me. I don’t want him or any billionaires to leave California. What if they decide to live near me? That would suck.
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u/forrealthoughcomix_ 2h ago
WE DO NOT CARE
This state has been a center for global innovation before these vultures’ grandparents spawned these vultures’ parents. It will continue to be that after all here vultures are gone.
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u/GayJewishPope Alameda County 2h ago
Section 1 Article 8 of proposition 42 would be effective 1/1/2026
SECTION 1. Prohibition on Taxing Retirement Holdings, Individually Owned Assets, and Other Forms of Personal
Savings
(a) No state law and no provision of this Constitution enacted on or after January 1, 2026, may enact, create, impose, or authorize collection of a tax on the ownership or control of retirement holdings, individually owned assets, and other forms of personal savings, whether held directly or indirectly.
Prop 40 has an effective date of 1/1/2026 and specifically targets those assets. The writers 42 clearly added that single stipulation to make it sound like it’s protecting regular joes, while ignoring that retirement accounts are already protected until withdrawal.
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u/Pink-frosted-waffles 2h ago
Cool so we can remove his name from everything right. It's San Francisco general hospital.
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u/thelucky10079 2h ago
go, rather you be gone and we adjust whatever non tax amount you were contributing
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u/Advanced-Wheel-9677 2h ago
Try us lil bitch. CA starts shit, other states follow. It's coming! Taxes are coming for your az!
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u/Natural-Savings-2820 2h ago
Don’t let the Golden Gate Bridge slam you in the ass on the way out, dude. Good riddance! Where are you gonna go Texas? Alabamer?
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u/threehundredthousand 2h ago
He spends his money on his bond villain compound in Hawaii. Go fuck off there.
If he moves his propaganda platform, we'll also get more available housing.
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u/KindCraft4676 2h ago edited 2h ago
Who gives a shit.
The state WILL survive and continue to thrive whether he does or doesn’t.
Wealth comes from the bottom up. Zuckerberg and his fellow multi billionaires would be nobodys if people stopped buying their products.
But it’s not just that. Wealth comes from the bottom up, from a productive workforce with a world class State and University system.
Sure, the general fund may take a temporary hit. But these American oligarchs think they’re so powerful that all they have to do is threaten to leave the state and we should all shake in fear.
Apparently they’re not paying attention to what’s happening in Europe right now.
The multibillionaires of the world do not have the ultimate say. It’s the people. It will always be the people.
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u/DatsMaPurse_IDKU 2h ago
He would still have to pay the 1 time tax. The measure is designed to apply to these billionaires that resided in California since January 1st of this year. This fool is just bitching for nothing lol
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u/BadBunny4Prezzie 2h ago
These fuckers are like the worst kings in the medieval times, hoarding gold. Just total evil.
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u/Admirable_Nothing 2h ago
Would any of the 250 billionaires be able to actually get out of town enough to cut all their ties to California before this takes effect?
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u/Tefts_pain 2h ago
It is a one time tax that he cannot escape. Pease out homehole, or wait assboy... I got it, asshole, not homeboy!
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