How to Tax a Trillionaire
Bloomberg Television·2026-02-10 18:42
California is in the midst of a huge battle over its richest residents. The local healthc care union did the math on Donald Trump's one big beautiful bill and concluded it would open up a 150 billion hole in the state's healthcare budget over the next 10 years. To avoid disaster, it proposed a onetime 5% tax on the total assets of residents worth $1.1% billion or more.And then all hell broke loose. Tech luminaries like Google co-founders Larry Page and Sergey Brin began frantically moving out of the state. ...