这不是“每年 1%，持续 5 年”。 而是一次性对所有资产征收 5% 的税，而且它会彻底扼杀加州的创业精神。 我给你举个例子： John Doe 创办了一家公司。他拿的是象征性的薪水——假设是 15 万美元/年——其余收入以公司股权形式获得。假设他持有 20% 的股份。2026 年，他从风投那里融资，有人向公司投资 1 亿美元，并给公司估值 60 亿美元。这意味着他那 20% 的股份“价值”12 亿美元。 我给“价值”打引号，是因为他根本卖不了。 他只是拥有一个“账面价值”，名义上看起来是个亿万富翁。但他的实际生活收入仍然只有 15 万美元/年。 仅仅因为有人押注这家公司，并不意味着你的银行账户里就凭空多出了 12 亿美元。 但在这个拟议税制下，John Doe 在 2027 年需要向加州缴纳 6000 万美元现金税款。 问题是—— 👉 他从哪儿拿这 6000 万？ 你认识什么买家吗？ 是市场上其他人都不知道的那种？ 会在一个被迫卖资产、急需现金的卖家身上， 按最高估值接盘？ 再想象一下：税刚评估完，2027 年初，公司估值被大幅下调到 2 亿美元。那他的 20% 现在只值 4000 万美元。但他仍然欠加州 6000 万美元税款。 还是那句话：👉 他的股份依然没有买家。 他的年收入，依旧只有 15 万美元。 那你告诉我，👉 这个人该怎么办？ 他现在“身价”4000 万，却欠加州 6000 万。 他是不是应该现在就去申请破产？ 就因为他“蠢到”在加州创业？ 所以你们真的“搞定了亿万富翁”吗？ 没有。 真正的超级富豪要么早就离开了加州， 要么通过税务结构规避了这类税， 要么有能力把官司一路打下去。 但你们确实会把一大批—— 年轻的、有创造力的、想创业、想雇人的人—— 直接拖进破产法庭。 干得漂亮，Ro。你应该为此感到骄傲。 It’s not 1% a year for 5 years. It’s a one time 5% tax on all assets and it will kill entrepreneurship in California. Here is an example: John Doe starts a company. He takes a nominal salary - say $150k for this example - and the rest in equity in the company. Let’s say he owns 20%. He raises VC capital in 2026 from someone that invests $100M into the company and values the company at $6B. This means his 20% is “worth” $1.2B. I put it in quotes because he can’t actually sell. He has a paper value that putatively says he’s a billionaire. But he actually lives on $150k because that is what his income is. Just because someone decides to make a bet on the business does not mean some bank account in your name magically gets created with $1.2B in it. Under the proposed tax, however, John Doe would now owe $60M in cash to California in 2027. How will he pay it? Is there some buyer you know of, that the rest of the market doesn’t, that will do a deal at the max value when there is a distressed seller like John Doe who needs money he doesn’t have to pay taxes on value he also doesn’t have! Now imagine that after the tax is assessed, in early 2027, the company takes a write down to $200M. Now his share is $40M. But he still owes $60M. Again, there are no buyers for his shares per se. He still only makes $150k/yr. What is this person supposed to do? He now has a “worth” of $40M but owes California $60M. Should he declare bankruptcy now because he tried to start a business but was retarded enough to do it in California? So did you really get the billionaires?? No. Because the mega billionaires have already left or are tax structured to minimize the tax or will fight it. You will, however, drag a bunch of young, energetic folks who want to make things and hire people into bankruptcy court. Awesome work, Ro. You should be proud.