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Tech billionaires threaten to flee California over proposed 5% wealth tax
Silicon Valley's wealthiest residents are once again threatening to leave California, this time over a proposed state wealth tax that tech founders warn could fundamentally reshape where innovation — and capital — call home.
The proposal, backed by the Service Employees International Union–United Healthcare Workers West, would impose a one-time 5% tax on the assets of California residents worth more than $1 billion.
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