@AOC Would love to understand the market power, as you define it, that MailChimp, Zoho, Spanx, and many others had that disqualifies their remarkable success stories as simply “made” a billion dollars vs. “earning” a billion dollars. Id wager each of those Founders felt they earned it
Larry and Sergey can’t stay in California since the wealth tax as written would confiscate 50% of their Alphabet shares.
Each own ~3% of Alphabet's stock, worth about $120 billion each at today's ~$4 trillion market cap.
But because their shares have 10x voting power, the SEIU-UHW California billionaire tax would treat them as owning 30% of Alphabet (3% × 10 = 30%). That means each founder's taxable wealth would be $1.2 trillion.
A 5% wealth tax on $1.2 trillion = $60 billion tax bill, each.
That's 50% of their actual Alphabet holdings—wiped out by a "5%" tax.
Section 50303(c)(3)(C) of the 2026 Billionaire Tax Act states: "For any interests that confer voting or other direct control rights, the percentage of the business entity owned by the taxpayer shall be presumed to be not less than the taxpayer's percentage of the overall voting or other direct control rights."
This means if a founder holds shares representing only 3% of economic interest but 30% of voting control (through Class B supervoting shares), the tax would presume their ownership stake is at least 30% for valuation purposes, not 3%.
The wealth tax is poorly defined and designed to drive tech innovation out of California.
NEW: Delta Airlines caught chucking a college golf team’s clubs at the San Diego airport before the NCAA Championships.
The airline industry is becoming one of the most hated industries in America.
The East Tennessee State University men’s golf team filmed Delta employees launching their gear on the tarmac.
“Nice of Delta to handle our clubs with such care…” the team said on X.
The team was traveling to the NCAA Championships in Carlsbad, California when the incident happened.
Video: @ETSU_MGolf
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