the Nvidia CEO said he doesn’t mind paying more While other wealthy tech executives are funding efforts to defeat Proposition 40 or have reduced their ties to the state. The ballot measure would impose a one-time tax equal to 5% of the wealth of California residents worth more than $1 billion. If voters approve the measure on November 3, Huang could face an estimated $8 billion bill, paid over five years. California’s official voter guide confirms that the measure would collect 5% of a qualifying resident’s wealth.
Because of the opportunities he received in the US, however, he said he could afford it.
“The fact that I can afford to pay $8 billion in taxes over five years is a privilege,” he told CBS. Huang, who has spent decades living and building Nvidia in California, said education, access to talented people and the freedom to start a company helped make his career possible. Jensen Huang isn’t against California’s proposed billionaire tax. “I’m not afraid of paying taxes. I’m just afraid of being poor. The money would support state healthcare, public education, and food assistance programs. The tax could be paid in five yearly instalments. Google co-founder Sergey Brin has been a major contributor to the campaign, while former Google CEO Eric Schmidt and other Silicon Valley figures have also opposed the tax. Huang has argued that California’s skilled workforce and culture of technology development outweigh its high taxes. Nvidia is headquartered in Santa Clara, near engineers, researchers, and other Silicon Valley companies.
Brin, Google co-founder Larry Page and former Uber CEO Travis Kalanick were among the wealthy executives who changed business or residential ties before the January cutoff.