San Jose
Prop 40 could impact Palo Alto billionaire's stock holdings
Proposition 40 proposes a one-time 5% tax on the state's wealthiest, affecting Palo Alto's Mark Zuckerberg.
Photo: Adam Schultz / CC BY 2.0, via Wikimedia Commons
Palo Alto Online reported on Proposition 40, a measure also called the 'billionaire tax,' which would impose a one-time 5% tax on California's wealthiest residents to fund state health care and other services.
The proposition is unpopular among the top 0.1% of earners, but it may allow Mark Zuckerberg, Meta's CEO and a Palo Alto resident, to sell stocks without reducing his control over Meta.
Zuckerberg owns a residential compound in Palo Alto's Crescent Park neighborhood.
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