California's wealth tax will drive innovation and entrepreneurship out of the state: Ben Narasin

Summary

Ben Narasin, Tenacity Venture Capital founder, argues California's proposed wealth tax is a self-inflicted threat to Silicon Valley's innovation ecosystem and that this version will fail but a broader union-backed version likely passes. He criticizes California fiscal stewardship and says higher taxes won't fix spending problems. He also says the U.S. is not at a debt breaking point and expects huge IPO-driven wealth creation this year and next.

• Narasin expects the current California wealth tax proposal to fail but a future broader version likely to pass.
• He argues the wealth tax would drive innovation and entrepreneurs out of California.
• He criticizes California for wasting a $95 billion surplus and building zero miles of high-speed rail after major spending.
• He says the top 1% pays 50% of California's tax income and state spending is elevated at 24%.
• He sees U.S. debt/GDP far from UK and Japan extremes and not at a breaking point.
• He expects the largest IPO-driven wealth creation this year and next.