David Sacks, former Chief Operating Officer of PayPal Holdings Inc. (NASDAQ:PYPL), hinted at potentially leaving California in response to the state’s proposed “Billionaire Tax,” which aims to address the state’s healthcare budget shortfall by imposing a one-time tax on net worth.
Sacks Criticizes California Tax
In his Saturday X post, Sacks voiced his concerns about the proposed tax, describing it as a 5% across-the-board confiscation of net worth and noting that it would apply even to amounts that had already been realized and taxed.
David Sacks, White House Special Advisor for AI and Cryptocurrency, stated: “To be clear, the Billionaire Tax Act in California is not (just) an unrealized gains tax. It’s a 5% across-the-board confiscation of net worth. It applies even if one has already realized and paid taxes on the entire amount.”
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His post was in response to a post by Ron DeSantis, the Governor of Florida, who criticized the proposed tax, suggesting that it would backfire.
Patrick Bet-David, the CEO of Valuetainment Media, then asked Sacks at what point he would consider leaving California, to which Sacks cryptically replied, “Who said I haven’t?”
Billionaires Threaten to Leave
The proposed Billionaire Tax Act has been a subject of heated debate in California, with some of the state’s wealthiest residents threatening to leave if the tax is implemented.
Hedge fund billionaire Bill Ackman warned that the state is “on a path to self-destruction” due to aggressive tax measures, and he suggested the latest proposal could further impact California’s economic climate.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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