Introduces topic of California's proposed wealth tax and opposition from tech elite, noting Peter Thiel's potential move to Miami.
speaker1
Joe Lonsdale
Criticizes the wealth tax law as 'crazy,' specifically its treatment of control shares, and suggests it will drive founders like those of Palantir out of California.
Asks Lonsdale about his move to Texas and his actions regarding the wealth tax issue.
speaker1
Joe Lonsdale
States he moved to Texas six years ago and is 'welcoming my friends' to 'fight for the country in a free state,' indicating an organized exodus from California.
Cites Jensen Huang (NVIDIA) as accepting California's political decisions, contrasting with Lonsdale's stance.
speaker1
Joe Lonsdale
Disagrees with Jensen Huang's political and China views but respects him as a businessman.
Notes Rep. Ro Khanna's previous opposition to the wealth tax.
speaker3
Joe Lonsdale
Labels Khanna a progressive who 'wants to be in power' and criticizes him for following polls rather than ethical leadership.
Joe Lonsdale
Argues most Democrats understand wealth expropriation is un-American and leads down a 'dark path towards Venezuela.'
Describes 'crazy rhetoric' in New York about homeownership and contrasts it with San Francisco Mayor Matt Mahan's 'reasonable' statement.
speaker3
Joe Lonsdale
Counters the 'zero-sum game' argument, stating billionaires 'grow the pie' by hiring people and building things, and are now building in Austin and Miami.
Joe Lonsdale
Posits that AI will make healthcare 'much cheaper' and 'better for everyone,' and this innovation, not wealth taxes, should be the focus.
Expresses hope for AI medical advances but notes past failures to control healthcare costs and low hospital margins.
speaker4
Joe Lonsdale
Argues healthcare incentives are wrong, hospitals block competition, and AI can revolutionize primary care, creating a 'massive scope of practice battle' against special interests.
Questions if wealth creation and existing taxes don't provide funds to equalize opportunity and solve inequality.
speaker3
Joe Lonsdale
Claims $70B was lost to fraud in California, implying mismanagement, not lack of funds, is the problem.
Joe Lonsdale
Reiterates that wealth builders create market cap and jobs, and the American ethos should be 'I want to be him' not 'I want to get him.'
Joe Lonsdale
Concludes the majority of the country is against expropriation, and while California is in a 'bad spot,' this is not where the country is headed.
Asks about Mitt Romney's op-ed suggesting closing tax loopholes for the wealthy as a potential compromise.
speaker1
Joe Lonsdale
Agrees with closing loopholes (citing the Reagan-Schultz-O'Neill tax reform) but strongly opposes demonizing success. Draws a clear line between tax efficiency and punitive wealth taxes.