Nvidia CEO Jensen Huang might be worth $156 billion, but he barely bat an eyelid at a proposed tax on billionaires which critics fear could push talent out of California. The proposed bill would impose a one-time, 5% tax on the state’s billionaires, estimated to be some 200 individuals. Even if the indivdual barely makes the billion-dollar threshold, the tax would still demand a $50,000,000 payment. At Huang’s net worth, he would be facing an eye-watering payment of almost $8 billion.The tech titan seemed r ...

Capital exodus? As a so-called “billionaire tax” looms in California, the firms of two high-profile California investors announced on New Year’s Eve they are establishing new offices out of state, The Wall Street Journal reports. Despite the timing, no mention was made of the proposed ballot initiative from a California health care union that would impose a one-time, 5% tax on the assets of those with net worths above $1 billion who lived in the state as of New Year’s Day. The tax would apply to assets like ...

Rep. Ro Khanna (D-Calif.) has stood firm in his support for a billionaire tax, despite threats from some of the state’s wealthiest residents to leave if the tax is implemented.Khanna Defends Billionaire TaxKhanna took to X to defend his stance on the billionaire tax, which would tax California residents whose net worth exceeds $1 billion at up to 5% of their assets. Those with at least $20 billion in assets as of Jan. 1, 2026, would face a one-time tax of $1 billion.He noted that within a 50-mile radius, hi ...

Core Argument - The only way to eliminate billionaires would be to destroy the stock market, which would negatively impact the savings of ordinary Americans [1][2]. Group 1: Wealth Inequality and Stock Market - Mark Cuban asserts that extreme wealth is an inevitable outcome of the market system, stating that billionaires will exist as long as stock markets do [2][6]. - Cuban acknowledges that approximately 90% of the stock market is owned by the richest 10% of U.S. households, aligning with Federal Reserve data indicating that this group holds about 93% of all stock market wealth [3][4]. - He argues that forcing the top 10% to sell their stock holdings would lead to a significant decrease in value for the remaining 90%, potentially wiping out the savings of more than half the country [4]. Group 2: Taxation and Public Finances - Cuban contends that even if governments were to seize all assets owned by billionaires, it would not substantially improve public finances, as it would not cover the federal deficit or single-payer healthcare costs [5][6]. - He emphasizes the need to find ways to help others earn more rather than solely focusing on taxing billionaires [6].