Palihapitiya claims California's proposed billionaire tax has changed the state's economic trajectory by $100-200 billion over five to ten years.
“That one bill, this proposed billionaire tax, has single handedly changed the trajectory of the California economy by a 100 to $200,000,000,000 over the next five to ten years.”
Palihapitiya argues the California wealth tax would have been legally bulletproof if delayed until 2027 instead of retroactive.
“If this union were smart enough, what they would have done is say this is gonna start 01/01/2027. It probably would make the ballot.”
Palihapitiya claims California's management is worse than Illinois when compared to Florida's performance.
“And then just ask your favorite AI, compare California on the spectrum of Florida versus Illinois. And what you'll find is California is even worse than Illinois in most of those comparisons.”
Palihapitiya predicts California bankruptcy within ten years will wipe out pension obligations.
“Then we're gonna deal with a California bankruptcy in the next ten years. And it is unfortunately no. And it will unfortunately result in a complete restructuring of those debt and obligations.”