Los Angeles billionaire Don Hankey has made headlines with his decision to relocate to Nevada after California advanced discussions about a wealth tax. Hankey, the founder of the Hankey Group, confirmed his move earlier this month. His departure has garnered attention, especially as it reflects ongoing conversations around tax policy and its potential impact on wealthy residents.
Hankey’s relocation was highlighted by his purchase of a $21 million penthouse in the exclusive Summit Club in Las Vegas. The transaction is noted as one of the higher-end condominium sales in Nevada, marking his personal and professional shift to the state.
The Wealth Tax Proposal and Its Potential Impacts
California’s proposed wealth tax has been a topic of discussion in the state’s legislature. If enacted, the tax would apply a 5% levy on net wealth for individuals with assets above $1 billion. The proposal is being discussed as a way to raise revenue for public services, though some have raised questions about the practical implications of such a tax.
Critics have suggested that the wealth tax could influence individuals and businesses to reconsider their place of residence, potentially impacting California’s tax base. Hankey’s move has become one of several examples cited in conversations about the potential effects of this policy…