It’s not 1% a year for 5 years.
It’s a one time 5% tax on all assets and it will kill entrepreneurship in California.
Here is an example:
John Doe starts a company. He takes a nominal salary - say $150k for this example - and the rest in equity in the company. Let’s say he owns 20%. He raises VC capital in 2026 from someone that invests $100M into the company and values the company at $6B. This means his 20% is “worth” $1.2B.
I put it in quotes because he can’t actually sell. He has a paper value that putatively says he’s a billionaire. But he actually lives on $150k because that is what his income is. Just because someone decides to make a bet on the business does not mean some bank account in your name magically gets created with $1.2B in it.
Under the proposed tax, however, John Doe would now owe $60M in cash to California in 2027.
How will he pay it?
Is there some buyer you know of, that the rest of the market doesn’t, that will do a deal at the max value when there is a distressed seller like John Doe who needs money he doesn’t have to pay taxes on value he also doesn’t have!
Now imagine that after the tax is assessed, in early 2027, the company takes a write down to $200M. Now his share is $40M. But he still owes $60M. Again, there are no buyers for his shares per se.
He still only makes $150k/yr.
What is this person supposed to do? He now has a “worth” of $40M but owes California $60M.
Should he declare bankruptcy now because he tried to start a business but was retarded enough to do it in California?
So did you really get the billionaires??
No. Because the mega billionaires have already left or are tax structured to minimize the tax or will fight it.
You will, however, drag a bunch of young, energetic folks who want to make things and hire people into bankruptcy court.
Awesome work, Ro. You should be proud.
@AlphaVied Oh no! I'm sorry to hear that! You're absolutely right a regular grid wouldn't be able to support 4 ovens running at load. Can you try fitting all the milk into one oven?
You wanted Arenas in R5Reloaded? Here's a cooler version.
**3v3s across the map are now PUBLIC on R5Reloaded**
Server Name: Balvarine 3v3
-you need minimal 6 people in the server for it to start, and it will cycle in those in the waiting queue after each death. so grab your friends in a vc and fuck around in it
-this is still in early development. we have many ideas, but some are priority over the others
-Only World's Edge maps for now, but there are around 200 spawn points
-spawn points are asymmetrical, meaning one team usually has a positional advantage over the other
-we are working on a version specifically for Pro Competitive Players in development with another coach since the needs are a bit more specific
All development credit goes to @ttvmkos@AyeZeeBB@R5Reloaded@AmosModz@CafeFps and many others
@Dorkstrict@Verhulst@KIMCHILEE_@Trevstacks@heyGuhRL