California’s proposed wealth tax would charge billionaires a one-time 5% of their net worth, and Meta just agreed to give Mark Zuckerberg a new class of shares he can sell to pay it, as long as he stays in California. That’s about $12.5 billion in Meta value, and Tim explains why shareholders’ retirement accounts end up footing the bill. Plus: only six billionaires are left in the state, and Tim shares his own experience fleeing high taxes.
0:00 California’s Wealth Tax Hits Meta
1:20 Zuckerberg’s Deal to Stay
3:50 Nobody Has a Billion Dollars in Cash
7:01 Billionaires Are Already Leaving
9:44 The Tax System Is Broken
#WealthTax #California #Timcast
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