this post was submitted on 22 Sep 2026
195 points (94.9% liked)
Technology
88199 readers
3914 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Didn't know all 3 had or planned to move.
I wonder how many would have to move before the tax actually becomes revenue negative (compared to not being implemented.)
I'm sure they didn't actually move. They just bought a house in another state and declared it as their primary residence.
Yes and then the audit will be entertaining. If they have multiple properties and fuck up, they could easily maintain residence.
And whatever their residence is, if they do things that look like working while physically present in the state, they are at risk of being forced to pay.
Could be the only good use for flock. We now can show they've been in the state the whole time.
The average tax income from billionaires in california looks to be around 10million a year. So combined the about 200 billionaires in california are paying 2 billion a year. Rough numbers would be that is 150 of them left then the one time tax would start being a negative income in 10 years. That assumes money stays flat.
Honestly there is no way that this ends up being a serious net negative and these folks are still operating in California enough that they may fail to avoid residency review.
Estimates seem to vary but I've found a good few at 3 billion total from the wealthiest 200 Californians.
Also, given the article noted that:
That implies the current tax revenue from billionaires would drop 60 or so percent. So, presumably tax revenue drops from 3 to 1.2 billion, just based on current flights (and ignoring knock on effects.)
So, no one else leaves and we don't count knock on effects, I'd guess it'd take ~ 21 or so years before this starts cutting. But, of course, knock on effects (folks decamp to say, Texas which seems to be snagging as many once Californian businesses as possible...) It's going to be a very interesting, depressing experiment. (Really feels like a race to the bottom but that's the America we know and,uhhh, love?)
avg income tax from billlionaires 10 m a year ONLY thats so absurdly low and 200 billionaires paying 2 b a year is like 1% of their billions? holy fuk we need to increase the taxes.