Indian-origin Democratic Congressman Ro Khanna who represents a part of Silicon Valley doubled down on the proposed rich tax or billionaire tax and mocked reviews that Peter Thiel, Larry Web page would transfer out of California in the event that they must pay more money. “I’ll miss them very a lot,” Khanna mentioned mockingly, echoing President Franklin Roosevelt. The proposal is barely a proposal and much from changing into a legislation, nevertheless it requires California residents price greater than $1 billion to pay a one-time tax equal to five% of their property that may be paid over 5 years.As Khanna confronted backlash for scaring away billionaires, he mentioned, “We can’t have a nation with excessive focus of wealth in just a few locations however the place 70 p.c of People consider the American dream is lifeless and healthcare, childcare, housing, schooling is unaffordable. What is going to stifle American innovation, what’s going to make us fall behind China, is that if we see additional political dysfunction and social unrest, if we fail to domesticate the expertise in each American and in each metropolis and city.”“These saying that we would not have a future NVIDIA within the Bay if this tax goes into impact are glossing over Silicon Valley historical past. Jensen was at LSI Logic and his co-founders at Solar. He began NVIDIA in my district due to the semiconductor expertise, Stanford, innovation networks, and enterprise funding. Now we have 37 instances the VC cash as Austin given the innovation ecosystem & Florida is not even on the map. Jensen wasn’t considering I will not begin this firm as a result of I could must sooner or later pay a 1 p.c tax on my billions. He constructed right here as a result of the expertise is right here,” Khanna added.NYT reported that Peter Thiel, who owns a house within the Hollywood Hills, has explored opening an workplace for Thiel Capital in one other state and can be spending extra time exterior California. Larry Web page, the report mentioned, can be spending time exterior California. In mid-December, three restricted legal responsibility corporations related to Web page filed paperwork to include in Florida, the NYT report mentioned, citing state information.
