California Loses Another Billionaire
Summary
Billionaire Travis Kalanick, who started Uber, moved from California to Texas last year. He moved ahead of a proposed California tax that targets billionaires. The tax plan, which hasn't been voted on yet, could lead to many wealthy people moving out of California.Key Facts
- Travis Kalanick was the founder and former CEO of Uber.
- Kalanick moved to Texas in December, possibly to avoid a proposed wealth tax in California.
- This tax, called the Billionaire Tax Act, would impose a 5% tax on billionaires in California.
- The tax is proposed to affect anyone living in California as of January 1, 2026.
- California has the highest number of billionaires in the U.S.
- Other billionaires, such as Elon Musk and Joe Lonsdale, have also moved from California to Texas.
- The proposed tax aims to fund health care and education in California.
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