Wednesday on CNBC’s “Squawk Box,” President Donald Trump’s AI and crypto czar David Sacks criticized California’s proposed wealth tax on billionaires.
Co-host Aaron Sorkin said, “But what if things happen in California? Wealth tax. Are you are you were you in Texas now? Officially. What’s going on here? What do you think’s gonna happen?
Sacks said, “Well, look, let me just say I’ve been in California for 30 years it was painful to to leave. I had no problem paying the one of the highest, taxes in the in the country. I think it’s 13.3%. But this is different. This is this is not a tax. This is an asset seizure. This is saying that we’re going to take 5% of everything you own, whether you’re paid up on your taxes or not, whether your assets are realized or unrealized. Never have anything like this before in American history. People are trying to minimize it by saying it’s a one time. It’s not a one time, it’s a year or something different. That’s a different the last 250, it’s different. It’s not a one time. It’s a first time. Right. And if they get away with it, they’ll be a second time and a third time. And this will be the beginning of something very new and different in this country, which is assets, seizures. Whenever a state or a majority decides, hey, we don’t like somebody or we don’t like a group of people, we’re just going to take their stuff.”
He added, “It’s a scary direction for the country. I mean, look, there’s a lot of ways to tax rich people if that’s what you want to do.”
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