Venture capitalist Chamath Palihapitiya is raising alarms on California’s proposed “Billionaire Tax”, claiming the measure could ultimately expand far beyond the ultra-wealthy and impact everyday residents.
Billionaire Tax Debate Heats Up
In Sunday’s post on X, Palihapitiya wrote, “The Billionaire Tax is actually an Everyone Tax.” He added, “Despite its name, it applies to every California resident who currently has assets or ever will.”
Palihapitiya pointed to what he described as a conversion mechanism buried in the text, writing, “On page 26, he explains how the government can convert to an Everyone Tax without voter approval.” He also warned, “They can also adjust the tax to be a yearly tax, not just one time…again, without your approval,” he said.
This …
This post was originally published here
