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Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.

Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.

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[–] boydster@sh.itjust.works 188 points 2 weeks ago (3 children)

Ooo let's make it nationwide then

[–] LifeInMultipleChoice@lemmy.world 64 points 2 weeks ago (1 children)

% of profits made in the state off standard pricing, tax the company. The company can choose to not sell their products in the state. If Google/Apple/whomever decides they don't want their products used in the state and lose 40m customers, that's their choice.

[–] keyhoh@piefed.social 36 points 2 weeks ago (1 children)

Go one further. If a company doesn't want to make it's product available in an area, that area has full access to all of its intellectual property and anyone can duplicate their work and profit off of it.

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[–] verdi@feddit.org 19 points 2 weeks ago (2 children)
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[–] LordMayor@piefed.social 132 points 2 weeks ago (9 children)

“Leave” as in claiming their primary residence is in Florida while spending all of their time in California.

[–] Shirasho@lemmings.world 60 points 2 weeks ago (3 children)

Puerto Rico does it right. In order to claim primary residence there you have to physically be there for something like 180 days of the year without any travel. States need to do that too.

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[–] salacious_coaster@feddit.online 22 points 2 weeks ago* (last edited 2 weeks ago)

I live in a regional hub in a red area. All the people who live in the surrounding counties split their time between shitting on the "big city" and spending all their time here without paying any taxes

[–] msfroh@lemmy.ca 15 points 2 weeks ago (1 children)

California is pretty strict about taxing you if you spend too much time there.

I'm in Washington state (no state income tax) and have had colleagues who've spent a lot of time in California warned by payroll that they're approaching the limit on time before you're deemed a tax resident (maybe 180 days per year, but I'm not sure).

In particular, any part of a day spent in California counts as a whole day, as I understand it. So if you fly in on Monday evening, spend Tuesday and Wednesday, then fly back Thursday morning, it's 4 days.

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[–] _chris@lemmy.world 89 points 2 weeks ago (2 children)

They won’t leave. They’re just trying to scare idiots into voting for policies that only benefit the rich and their ilk.

[–] RustyShackleford@piefed.social 22 points 2 weeks ago (1 children)

Exactly they won’t move, this is like when people threaten to move if something happens, and when it does happens, nothing.

[–] VoteNixon2016@lemmy.blahaj.zone 13 points 2 weeks ago

No, didn't you hear, everyone with more than $100 in savings fled New York now that Mamdani is the Supreme Leader there

[–] Tollana1234567@lemmy.today 22 points 2 weeks ago (13 children)

they tried this with zohran in nyc, none left. RICH people wont live in red hellholes like kentucy, nebraska or alabama.

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[–] neukenindekeuken@sh.itjust.works 62 points 2 weeks ago (1 children)

A.) No they're not

B.) If they do, then good for everyone in California. Let them dodge taxes elsewhere.

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[–] rekabis@lemmy.ca 60 points 1 week ago

If they weren’t paying taxes in the first place, their departure only improves the environment.

[–] Steve@communick.news 58 points 2 weeks ago

Taxes don't have to care where you live. If done properly, all that matters is where the assets are. You want to do more than $1B(or whatever number makes sense) of buisness in California? You need to create a California based subsidiary to handle it all. And share holders of that buisness pay tax on the value of those shares. Then it doesn't matter where Alphabet or Google or their CEOs are located.

[–] AngryRobot@lemmy.world 50 points 2 weeks ago

The ultra wealthy said the same thing about New York City, they aren't going anywhere.

[–] deddit@lemmy.world 50 points 2 weeks ago* (last edited 2 weeks ago)

'Flee'?! Like cockroaches when the light is turned on?

[–] resipsaloquitur@lemmy.world 48 points 2 weeks ago
[–] leadore@lemmy.world 47 points 2 weeks ago (3 children)

If you can't contribute anything but only take take take, then get the fuck out of the whole country while you're at it. And stay out!

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[–] avidamoeba@lemmy.ca 47 points 2 weeks ago* (last edited 2 weeks ago)

Threatening people with a good time? A bold strategy Cotton!

[–] kiku@feddit.org 40 points 2 weeks ago (1 children)

This How Money Works video talks about these hollow threats. In short, they probably would leave anyway.

[–] fodor@lemmy.zip 14 points 2 weeks ago

They're lying. They won't go. They're so rich that they don't have to worry about this kinda money. That's the whole point of being rich, after all.

[–] ragebutt@lemmy.dbzer0.com 37 points 2 weeks ago (1 children)

This happened in NJ and the billionaire who “left because of taxes” has both returned to the state since and pretty consistently stated he did not leave because of the tax hike and never said that was his motive. While I am sure these scumbags will do whatever is necessary to avoid paying taxes my point is don’t expect the media to not propagandize here.

The narrative being built is clearly one to make the average person think “increasing taxes on the wealthy will hurt us!” This is what happened in New Jersey. “If the tax increases are passed and David Tepper leaves it will cost the state hundreds of millions of dollars and ruin everything!”. It’s that domestic abuse shit; “you should just let me exploit the fuck out of you and if you don’t I’ll bail and it’s your fault for not letting me continue to do so”. Also fwiw while Tepper left NJ was fine and while his loss was notable to the tax budget it was not insurmountable by any means. NJ and California are already quite wealthy states.

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[–] JeeBaiChow@lemmy.world 37 points 2 weeks ago

Your taxes don't mean shit to the state if all you do is look for reasons not to pay them, and don't pay them.

[–] HeyThisIsntTheYMCA@lemmy.world 37 points 2 weeks ago

You don't have to sell it to me I was already in

[–] kandoh@reddthat.com 36 points 2 weeks ago

I'm threatening to move if my landlord persists on collecting rent, that should get him to back off

[–] frongt@lemmy.zip 33 points 2 weeks ago (2 children)

Sure, go to Texas. See how they like people moving from California.

[–] gravitas_deficiency@sh.itjust.works 31 points 2 weeks ago (2 children)

And remember: Thiel is gay. So I hope he gets the maximum dose of homophobia and hostility from ignorant, prejudicial Texan chuds, too.

[–] sp3ctr4l@lemmy.dbzer0.com 24 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

He's also ~~obsessed with~~ the AntiChrist, which is a somewhat controversial identity status amongst Evangelical and Baptist Christians.

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[–] phutatorius@lemmy.zip 28 points 2 weeks ago

Yet another benefit of the wealth tax.

[–] oh_@lemmy.world 25 points 2 weeks ago

Go. Please go. They say this all the time, I really wish they would.

[–] HisArmsOpen@crust.piefed.social 25 points 2 weeks ago

Keep those evil fuckers running!

[–] EtAl@lemmy.dbzer0.com 24 points 2 weeks ago

Let them flee all the way to Russia. Billionaires shouldn't exist in the first place.

[–] qevlarr@lemmy.world 23 points 2 weeks ago (1 children)

We should hold a farewell party and hold them to it

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[–] candyman337@lemmy.world 23 points 2 weeks ago (2 children)
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[–] melsaskca@lemmy.ca 21 points 2 weeks ago (1 children)

If he leaves the country maybe he'll take his puppet Shady Vance with him.

[–] Bakkoda@lemmy.world 13 points 2 weeks ago (1 children)

There's plenty of southern states with insanely regressive tax schemes these fuckers could live in.

[–] TronBronson@lemmy.world 19 points 2 weeks ago (1 children)

But you know they won't. Doesn't Peter Thiel notoriously enjoy the liberal young men of San Francisco?

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Good, making California a more affordable place for California families. I hope one their platinum-plated private jets collides with the others gold-plated mega yacht on their way out and I never have to read this shit from their publicists again.

[–] Sam_Bass@lemmy.world 20 points 2 weeks ago* (last edited 2 weeks ago)

Greedy fucks should be totally stripped of their wealth wherever they go so as to (re)learn what its like down here with us

[–] BoycottTwitter@lemmy.zip 17 points 2 weeks ago (1 children)

How about taxing billionaires in all 50 states, a federal billionaire tax and all other countries impose a billionaire tax. Make them have nowhere to go.

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[–] KiloGex@lemmy.world 16 points 2 weeks ago

No, they aren't.

[–] grimpy@lemmy.myserv.one 15 points 2 weeks ago
[–] dermanus@lemmy.ca 15 points 2 weeks ago

Are these the same billionaires who were going to leave New York? Or different ones?

[–] robocall@lemmy.world 14 points 1 week ago
[–] Scottyc65@reddthat.com 13 points 2 weeks ago

People of California: Don't threaten us with a good time. (Also, not like their tax dollars will be missed)

[–] ElcaineVolta@kbin.melroy.org 13 points 2 weeks ago

we should just confiscate their ill-gotten gains, afterward they can move around wherever they'd like!

[–] Almacca@aussie.zone 13 points 2 weeks ago

Bet they don't.

[–] DeICEAmerica@lemmy.world 13 points 2 weeks ago

Bye. Go to Texas or Florida. Next....

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