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.
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.
Private polls show 80-90% of billionaires already gone or leaving. This isn't about the rich—it's about California's survival.
A quiet amendment to the "Billionaire Tax" would force founders to go bankrupt or surrender control of their companies.
Half of California's billionaire wealth has fled the state—and the wealth tax isn't even on the ballot yet.
San Jose's mayor goes on national TV to warn Sacramento that their wealth tax scheme will backfire spectacularly.