Some of California’s most prominent technology and finance moguls are toying with taking their business out of state.
Peter Thiel, the founder of a San Francisco private investment firm, announced that he opened a new office in Miami last week, and venture capitalist David Sacks said he opened an office in Austin, Texas. They mark just two of the wealthiest Californians who are deemed a flight-risk now that a ballot measure that would tax them 5%, just one time, has suddenly gained legitimacy.
“Billionaires can pay the tax over five years, so it’s unlikely to decrease their wealth — since many gain more in capital gains in a few months than the cost of the annual payments,” said Suzanne Jimenez, the chief of staff of SEIU-United Healthcare Workers West, a powerful labor union, and lead supporter of the billionaire tax, in an email to SFGATE…