Palmer Luckey States He Will Not Leave California Over Proposed Wealth Tax

Luckey's Stance on California Wealth Tax

Palmer Luckey, founder of defense tech firm Anduril, publicly stated he will not depart California despite his strong disapproval of the state's proposed billionaire wealth tax. This tax, a ballot measure, aims to tax the net worth of California's wealthiest residents.

Reasons for Opposition

Luckey believes the proposed tax will lead to companies and individuals leaving the state. He also expressed concern that the bill is sponsored by a specific union, the United Healthcare Workers, which he claims intends to use the funds for its own purposes, though sponsors state the money will go to healthcare, education, and food assistance programs.

A key issue for Luckey is the tax's assessment method, which would include unrealized and illiquid assets, with potential penalties up to 40%. He described this as a "seizure of future wealth" and problematic for control of one's own company.

Commitment to California

Despite pressure from other billionaires to leave in protest, Luckey affirmed his commitment to California, stating, "I think California is something special. I want to fight for California." He believes that remaining in the state offers an opportunity to address and potentially resolve these issues.