'Seven Billionaires I Know Have Already Left' — Luxury Real Estate Broker Josh Altman Says California's 5% Wealth Tax Risks A 'Trickle-Down Effect'

Group 1: Wealth Tax and Its Implications - The proposed wealth tax in California could impose a one-time levy on billionaires, with payments starting in 2027 and spread over five years, which has sparked discussions among business leaders and policymakers nationwide [5] - California has approximately 200 to 250 billionaires, more than any other state, while the total population is around 40 million, including about 23 million eligible voters [4] - Organizers are seeking around 900,000 signatures to place the wealth tax measure on the November ballot, indicating a significant political mobilization effort [3] Group 2: Impact on the Economy and Society - The wealth tax is expected to have a trickle-down effect, potentially impacting the hundreds of thousands of people who work for billionaires, leading to concerns about economic stability for those reliant on these wealthy individuals [2] - A billionaire's perspective shared by Altman suggests that the difference between $100 million and $1 billion is negligible, highlighting the extreme concentration of wealth and its implications for tax policy [2] Group 3: Investment Opportunities - Arrived Homes, backed by Jeff Bezos, allows investors to buy fractional shares of single-family rentals and vacation homes starting at $100, making real estate investing more accessible [8] - Platforms like Rad AI and Masterworks provide opportunities for investors to diversify into early-stage AI innovation and blue-chip art, respectively, catering to those looking for alternative asset classes [7][11] - BAM Capital focuses on institutional-grade multifamily real estate, targeting income and long-term growth, particularly in the Midwest markets, with over $1.85 billion in completed transactions [12]