Palmer Luckey Vows to Stay in California to Fight Wealth Tax
Palmer Luckey announced he will remain in California to legally challenge a proposed billionaire wealth tax that could cost him $3 billion.
Anduril founder Palmer Luckey announced Monday that he will remain in California despite his strong opposition to a proposed billionaire wealth tax ballot measure. Luckey criticized the proposal for targeting unrealized and illiquid assets, arguing that taxing voting control of companies constitutes a "tax on control" rather than a tax on ownership.
Based on the $61 billion valuation of Anduril, Luckey estimated his potential tax liability at approximately $3 billion. He expressed concern that the measure, sponsored by a unit of the United Healthcare Workers, is designed to fund the sponsors' own interests. In contrast, the measure's proponents claim the generated revenue would support Medi-Cal and various health, education, and food assistance programs.
Despite pressure from other billionaires to leave the state in a show of solidarity, Luckey stated his intention to stay and fight the measure through legal challenges if it passes.
