David Sacks may leave California over proposed billionaire tax

David Sacks, a White House advisor, said he might leave California after the state proposed a one-time "Billionaire Tax" he described as a 5% levy on net worth. The proposal has drawn public criticism from some wealthy residents and is still under debate.

David Sacks, who serves as a White House advisor on AI and cryptocurrency, signaled recently that he might leave California following a state proposal called the Billionaire Tax Act. He reacted on social media and criticized the measure as a 5% charge on net worth that could apply even to amounts previously realized and taxed. The proposal is framed by supporters as a way to raise revenue for state healthcare needs. Several high-net-worth individuals have publicly expressed concern about the plan and its potential effects on the state's economy. What was reported: - The proposed Billionaire Tax Act would impose a one-time 5% tax on net worth, with the stated aim of raising funds for healthcare spending. - David Sacks, identified as a White House special advisor, said he might consider leaving the state in response and criticized the tax's scope. - Other wealthy residents and business figures have also voiced opposition and suggested relocation as a possibility. - The measure remains under debate and has not been enacted into law; further legislative and legal steps are possible. Summary: The proposal has prompted public criticism from Sacks and others and could influence residency decisions among some wealthy individuals. The wider discussion centers on state revenue needs and potential economic effects from taxing large fortunes. Undetermined at this time.