California's wealth tax debate exploded into the governor's race as billionaire Tom Steyer attacked San Jose Mayor Matt Mahan for having tech support—while Steyer himself has spent $27 million on his campaign. Even Governor Gavin Newsom is now warning that the proposed wealth tax will backfire and drive wealthy taxpayers out of state, breaking with his own party's progressive base as the Bay Area's $154 billion startup ecosystem hangs in the balance.
A billionaire spending $27 million attacks a mayor for having tech support. The irony writes itself.
Even Gavin Newsom admits taxing billionaires will backfire. Europe already proved it. Why won't Sacramento listen?
The bill's architects say founders can fight the state for their money back. With interest. On hard mode.
The numbers prove SF is the undisputed capital of innovation. So why are California politicians hellbent on driving it away?
Inherited wealth wants to destroy builders while protecting their own loopholes. The data exposes the fraud.
Robert Reich earns $13,000/hour to denounce capitalism while blocking affordable housing in his own backyard. Now he's pushing a tech-killing wealth tax.
When nearly all your campaign cash comes from outside your district, who are you really representing?
Former supporters organize against the congressman as his wealth tax crusade threatens to tank the Bay Area economy.
Founders are already planning their escape routes. YC's strategy: leave after Series B, go distributed. "Suboptimal, but we know how to do this."
The top 10% fund 76% of the state budget. Sacramento's answer? Chase them all away.