California Billionaire Tax Would Force Zuckerberg to Sell $15-17 Billion in Stock

What was said

"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.