Sacks predicts a rush for the exits from California if the wealth tax gets on the ballot in April.
“If it gets on the ballot, you know, again, we'll know in just a few months, there's gonna be a huge freak out.”
Sacks explains supervoting provision would turn 5% wealth tax into 25% for founders like Larry and Sergei.
“So the 5% tax for them is more like a 25% tax of all their net worth.”