world
Economist Behind California Billionaire Tax Proposal Says It Is Unlikely to Stay One-Time
Emmanuel Saez told a University of California Berkeley audience that surprising billionaires with a one-time tax would prove difficult, suggesting debate may shift to a permanent wealth tax. His comments came amid high-profile departures from California and Washington state by tech executives and billionaires seeking lower-tax environments.
May 9, 6:05 PM·1m read2 sources
ZE
nypost.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Emmanuel Saez, co-author of California’s proposed one-time tax on billionaires and a Marxist economics professor from France, said Tuesday that the levy is unlikely to remain a one-time imposition. “I don’t think it’s going to be a one-time tax. Because you can’t surprise billionaires more than once,” Saez said during a debate against economist Arthur Laffer at the University of California, Berkeley.
Post by @zerohedge on X
The event was recorded on video. ” The comments came as the Service Employees International Union–United Healthcare Workers West proposed a one-time 5% levy on California residents with assets over $1 billion. California is experiencing outflows of high-profile billionaires and executives.
Google co-founders Larry Page and Sergey Brin have moved to Florida due to its more favorable business and tax environment. Meta CEO Mark Zuckerberg purchased a $150 million mansion in Miami. This week Bloomberg reported that Palantir CEO Alex Karp purchased a Miami-area mansion for $46 million.
Palantir has recently relocated from Denver to Florida. Reid Hoffman publicly criticized California’s wealth tax proposal, describing it as a “horrendous idea” that would hasten the departure of tech founders and executives from the state. California is not the only state seeing such moves.
Former Starbucks CEO Howard Schultz announced his relocation from Washington state to Miami, Florida this week. The move came shortly after Washington state legislators advanced a bill imposing a tax on residents earning more than $1 million annually. Schultz wrote in a LinkedIn post: “We have moved to Miami for our next adventure together.
