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Jensen Huang says he would welcome paying $8 billion in California wealth tax
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Nvidia CEO Jensen Huang stated in a recent interview that he would not mind paying an additional $8 billion in taxes if California voters approve a proposed 'billionaire tax' in November. The measure would impose a one-time 5% wealth tax on residents with a net worth exceeding $1 billion, payable over five years, with 90% of revenue directed to healthcare. Supporters estimate it would affect about 200 billionaires holding roughly $2 trillion in total wealth, generating around $100 billion in tax revenue. Huang said, 'I see it as a privilege and a responsibility. Nothing makes me happier than being able to pay more taxes.' He added, 'I'm not afraid of paying taxes—I'm only afraid of becoming poor.' The report notes that several wealthy individuals have already left California ahead of the vote, including Uber co-founder Travis Kalanick, who moved to Texas, and Google co-founder Sergey Brin, who relocated to Nevada. Other billionaires such as Jeff Bezos, Peter Thiel, Larry Page, Mark Zuckerberg, Elon Musk, and Palantir co-founder Joe Lonsdale have also moved to states without personal income taxes like Florida and Texas.
Source report
Nvidia CEO Jensen Huang stated in a Sunday interview that he would not mind paying billions of dollars in additional taxes if California's proposed "billionaire tax" passes a voter referendum this fall.
"Being able to afford paying $8 billion in taxes over five years is a privilege," Huang said. "I see it as a privilege and also a responsibility. There is nothing that makes me happier than being able to pay more taxes."
"I am not afraid of paying taxes—I am only afraid of becoming poor," he added.
Proposal Details
The measure, which will be put to California voters in November, proposes a one-time 5% wealth tax on residents with a net worth exceeding $1 billion. The tax could be paid in installments over five years, with 90% of the revenue allocated to healthcare.
Supporters estimate that approximately 200 billionaires would be affected, holding a combined wealth of roughly $2 trillion. The tax could generate around $100 billion in revenue, with approximately $90 billion used to close gaps in healthcare funding.
Wealthy Residents Leaving California
According to reports, several wealthy individuals have already left the state:
- Travis Kalanick, co-founder of Uber, moved to Austin, Texas, weeks before the proposal was announced.
- Sergey Brin, co-founder of Google, relocated to the Lake Tahoe area in Nevada.
Both Texas and Florida do not impose personal income taxes. Other notable moves include:
- Jeff Bezos, Peter Thiel, Larry Page, and Mark Zuckerberg have relocated to Florida.
- Elon Musk and Joe Lonsdale, co-founder of Palantir, have moved to Texas.
Sources: Interface News, China-Singapore Jingwei, Yicai (via China Overseas Chinese Network)
Source
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Nvidia CEO Jensen Huang says he would welcome paying $8 billion in California wealth tax