Nach Aufruhr im Silicon Valley: Kalifornier lehnen Milliardärssteuer ab

A proposed one percent tax on individuals with a net worth of at least one billion US dollars, known as Proposition 40, was defeated in a recent California statewide vote. The initiative, which garnered 47.2% of the votes, fell short of the required majority. Tech magnates such as Google co-founder Sergey Brin spent over $300 million on a campaign against the billionaire tax, dominating the television programming with their advertisements.

Under the proposal, all Californian residents with a net worth of at least one billion US dollars (approximately 890 million euros) would be required to pay a one-time five percent tax on their excess wealth upon January 1, 2026. The funds were intended to primarily support healthcare in the predominantly Democratic-run state, as funding gaps posed by the absence of Republican federal subsidies in Washington loomed.

Critics estimate the tax could generate around $100 billion for the state, while Stanford University researchers assessed it at a more modest $30 billion. Some wealthy Californians, including Brin and Google co-founder Larry Page, preemptively moved their primary residences to Florida, a stronghold of the Republican party, to evade the tax.

Founding Facebook CEO Mark Zuckerberg approached the issue differently by threatening to relocate his company, which would allow him to sell shares without losing influence, but still pay the tax. Nvidia's CEO Jensen Huang, however, stated he would not consider leaving California due to the tax. The tax was also intended to address the issue of wealthy individuals easily evading US taxes, as their wealth typically consists of large stock holdings, and taxes only become due when they sell a portion of it. Instead, they often take out stock-backed loans and can live largely tax-free.