California Asset Tax Proposition Targets Tech Founders With Immediate Bankruptcy Risk

What was said

"The tax gets calculated based on the higher of those two numbers and so for founders in the Valley, particularly private companies but also public companies where they have controlled stock, if this tax passes, they instantly go bankrupt. They can't possibly pay the tax because their tax bill by definition is a multiple on top of their assets."

Marc Andreessen revealed that a California ballot proposition currently being voted on would impose a wealth tax calculated on the greater of economic or voting interest in a company, which would immediately bankrupt Silicon Valley founders who hold super-voting stock. He warned this is the first of many such propositions expected across blue states and predicted it will become a major 2028 presidential campaign issue, with Elizabeth Warren already advocating for a 6% annual federal wealth tax.