Indian-origin Democratic Congressman Ro Khanna who represents part of Silicon Valley doubled down on the proposed wealthy tax or billionaire tax and mocked reports that Peter Thiel, Larry Page would move out of California if they have to pay extra money.
“I will miss them very much,” Khanna said mockingly, echoing President Franklin Roosevelt. The proposal is only a proposal and far from becoming a law, but it calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets that can be paid over five years.
As Khanna faced backlash for scaring away billionaires, he said, “We cannot have a nation with extreme concentration of wealth in a few places but where 70 percent of Americans believe the American dream is dead and healthcare, childcare, housing, education is unaffordable.
What will stifle American innovation, what will make us fall behind China, is if we see further political dysfunction and social unrest, if we fail to cultivate the talent in every American and in every city and town.
““Those saying that we wouldn’t have a future NVIDIA in the Bay if this tax goes into effect are glossing over Silicon Valley history. Jensen was at LSI Logic and his co-founders at Sun. He started NVIDIA in my district because of the semiconductor talent, Stanford, innovation networks, and venture funding.
We have 37 times the VC money as Austin given the innovation ecosystem & Florida isn’t even on the map. Jensen wasn’t thinking I won’t start this company because I may have to one day pay a 1 percent tax on my billions.
He built here because the talent is here,” Khanna added.NYT reported that Peter Thiel, who owns a home in the Hollywood Hills, has explored opening an office for Thiel Capital in another state and is also spending more time outside California. Larry Page, the report said, is also spending time outside California. In mid-December, three limited liability companies associated with Page filed documents to incorporate in Florida, the NYT report said, citing state records.
