President Trump’s tech czar claimed that California’s proposed wealth tax is nothing less than theft.
“This is not a tax — this is asset seizure,” billionaire David Sacks, who left California for Texas after 30 years, told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland, on Wednesday. “It’s not a one time, it’s a first time.”
He added that there’s “never been anything like this before in American history.”
The so-called “billionaire tax, which is expected to be on the ballot later this year, would levy a one-time flat 5% tax on the net worth of individuals with more than $1 billion in assets — including businesses, securities, art, collectibles and intellectual property — if enough signatures are collected and voters approve the measure.
Sacks said it would not just be a one-time tax, but the beginning of a fundamentally different America.
“People are trying to minimize it by saying it’s a one-time,” he said. “If they get away with it, there’ll be a second time or a third time,.”
The entrepreneur said the bill is a violation of property rights.
“Whenever a state or a majority decides, ‘Hey, we don’t like somebody, or we don’t like a group of people, we’re just gonna take their stuff’ — that’s a violation of property rights,” he said.