Indian-origin Democratic Congressman Ro Khanna who represents a part of Silicon Valley doubled down on the proposed rich tax or billionaire tax and mocked experiences that Peter Thiel, Larry Web page would transfer out of California in the event that they need to pay extra cash. “I’ll miss them very a lot,” Khanna mentioned mockingly, echoing President Franklin Roosevelt. The proposal is simply a proposal and much from changing into a legislation, but it surely requires California residents price greater than $1 billion to pay a one-time tax equal to five% of their belongings that may be paid over 5 years.As Khanna confronted backlash for scaring away billionaires, he mentioned, “We can not have a nation with excessive focus of wealth in a number of locations however the place 70 p.c of Individuals imagine the American dream is useless and healthcare, childcare, housing, schooling is unaffordable. What’s going to stifle American innovation, what’s going to make us fall behind China, is that if we see additional political dysfunction and social unrest, if we fail to domesticate the expertise in each American and in each metropolis and city.““These saying that we would not have a future NVIDIA within the Bay if this tax goes into impact are glossing over Silicon Valley historical past. Jensen was at LSI Logic and his co-founders at Solar. He began NVIDIA in my district due to the semiconductor expertise, Stanford, innovation networks, and enterprise funding. We’ve got 37 instances the VC cash as Austin given the innovation ecosystem & Florida is not even on the map. Jensen wasn’t considering I will not begin this firm as a result of I could need to in the future pay a 1 p.c tax on my billions. He constructed right here as a result of the expertise is right here,” Khanna added.NYT reported that Peter Thiel, who owns a house within the Hollywood Hills, has explored opening an workplace for Thiel Capital in one other state and can also be spending extra time outdoors California. Larry Web page, the report mentioned, can also be spending time outdoors California. In mid-December, three restricted legal responsibility firms related to Web page filed paperwork to include in Florida, the NYT report mentioned, citing state data.
