How the 5% California wealth tax is a 67% wealth tax for Sergey Brin: >Owns 3% of GOOG. >Holds 25.3% of voting rights >Wealth tax is assessed as the greater of his ownership or voting rights. So his tax is 5% * his 25.3% voting ownership = 1.27% of the value of GOOG. >1.27% taxes / 3% ownership looks like a 42.2% wealth tax, but that's not quite right. >He has to pay the wealth tax with after-tax cash proceeds. So he needs to sell enough stock to cover 37.1% in taxes first (23.8% federal and 13.3% state). >His gross stock sale has to be 2.01% of GOOG to cover the wealth tax + federal and state taxes. >His wealth tax bill is thus 67% of his net worth (2.01%/3%) >This for 2026. There are proposals being drafted for a 2028 wealth tax. (I understand that some people see this as a feature)
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