Silicon Valley Pushes for Greater Wealth Tax

Silicon Valley tech leaders are spending over $120 million to oppose California’s proposed 5% wealth tax on billionaires, which is currently advancing through state legislature with a high chance of passage. The tax threatens to harm the state's economy by prompting wealthy residents to leave, taking about $1 trillion in assets with them. Experts suggest that beyond fighting the tax, tech industry figures should focus on changing the political and cultural landscape that enabled such proposals by investing in education reform and supporting pro-growth policies.

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