Politics
California Billionaire Tax Would Force Zuckerberg to Sell $15-17 Billion in Stock
The Peter Schiff Show
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"To raise the $10 or $11, $12 billion, he'd end up with a federal tax of $2 or $3 billion. And then California has like a 13% capital gains tax. So between federal and state, if he sells, you know, $10, $11 billion worth of stock, he actually needs to sell $15 billion to have enough to pay his capital gains tax."
Schiff detailed the mechanics of California's proposed 5% wealth tax on billionaires, explaining that Mark Zuckerberg would need to liquidate $15-17 billion in Meta stock to cover both the wealth tax and resulting capital gains taxes. He predicts the measure, though unlikely to pass, would trigger a mass exodus of billionaires and millionaires from California if enacted.
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The Peter Schiff Show