There's a ballot measurement, 5% tax. They said, oh, this is going to be capital flight in California. You know how much venture capital is coming to California since that has been proposed? 85% of venture capital is still coming to California [since the 5% wealth tax proposal]. There hasn't been capital flight. Anyone who thinks that Silicon Valley is not going to produce trillions of dollars doesn't know what they're talking about. Maybe they don't think it's going to pass. (07:22–07:27)
CLAIM
Asserts that 85% of venture capital continues to flow into California despite a proposed wealth tax.
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