Sergey Brin has spent $100M to fight California's proposed billionaire tax

bell-cot

> The ballot measure has caused an uproar among some of California’s wealthiest individuals such as former Google CEO Eric Schmidt and PayPal cofounder Peter Thiel, both of whom have donated to organizations against the measure. Brin compared the proposal to his socialist Soviet upbringing. > On the other hand, billionaires were already paying so little in California income tax that their departure may not pack as much of a punch as anticipated. A working paper published by the National Bureau of Economic Research in May noted that billionaires residing in the state paid $4.1 billion in income tax last year, about 0.2% of their collective $2 trillion net worth, meaning that even if every billionaire were to leave the state, it would take about 25 years for lost income tax revenue to cancel out the $100 billion sum California is projected to get from the tax. Even if a billionaire mass exodus included one-quarter of the state’s wealthiest residents, it would take a century to equal the $100 billion windfall. Questions: - What knock-on benefits might there be from California "losing" the billionaires who departed? I'm guessing they're already rather scarce on most people's Civic Virtue leaderboards. And would stay that way in their new states. Without them, would behavioral norms in the ultra-rich social set move (at least somewhat) toward "nice"? - How much of the (wild guess) $500M that the angry billionaires will end up spending to fight the proposed billionaire tax will stay in California? - Is this whole situation a win-win for "the 99.9%" citizens of California?

gortok

Billionaires will do anything but pay taxes.