Palmer Luckey says he is staying in California despite proposed wealth tax

Billionaire entrepreneur Palmer Luckey says he is staying in California despite a proposed wealth tax, in comments published today by TechCrunch. The Oculus founder and Anduril defense-tech founder remains one of the state’s most visible tech figures, and his stance pushes back on a narrative of wealthy residents leaving over taxes and regulation. He said the tax is “causing a lot of people to run” but added he plans to “keep fighting it,” TechCrunch reports.

California lawmakers have floated wealth tax proposals targeting ultra-high-net-worth residents in recent sessions, though none has become law. Luckey, a native Californian whose Anduril has major U.S. defense contracts, said he intends to keep building in the state and contest the policy politically, according to TechCrunch. Watch for whether a new wealth tax bill advances in Sacramento and whether Luckey puts money or organizing muscle behind opposition efforts. [Developing. This article will be updated.]