Sanders and Khanna just introduced a 5% annual wealth tax on unrealized gains—taxing paper wealth that can't be spent on assets that can't be sold—as Washington State pursues its own millionaire's tax that's already spooking NBA investors and pushing founders toward the exits. The proposals ignore a clear track record: Europe ran this experiment, lost trillions in fleeing capital, and produced zero of the world's ten largest tech companies. Meanwhile in California's governor's race, the debate is sharpening between candidates who want to raise taxes further and Matt Mahan, who argues the state should account for $150 billion in new spending before asking anyone for more.
Sanders and Khanna want to tax money that doesn't exist on assets you can't sell. The only proportionate response was a one-act play.
Asked point-blank why the US dominates tech while Europe stagnates, the Senator pivoted to healthcare and homelessness. The honest answer would destroy his worldview.
California bleeds $20-35 billion a year. Steyer wants to raise taxes. Mahan wants to stop lighting money on fire.
Washington State legislators are building a tax regime so hostile that NBA investors are spooked and founders are planning their exits.
Harvard and MIT trained 21 of the top 50 AI founders. Every one of them flew west to build in SF.
SEIU-UHW's asset seizure tax has already cost the state $16.4 billion per year in lost revenue—and it hasn't even passed yet.
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?