Another billionaire confirms California exit: Uber co-founder Kalanick

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Uber co-founder Travis Kalanick said he moved to Texas in December, adding to the list of billionaires who have left California ahead of a proposed wealth tax.In an interview on tech talk show TBPN, Kalanick said he moved to Texas on December 18.

He didn’t explain the reasoning behind the move, but suggested he was motivated to do it before this year started.“I don’t know what’s so specific about December 18, but let’s just say it’s prior to January,” he said in the interview on Friday.“So I’m a primary resident of Texas.”He also outlined plans to rename City Storage Systems — the parent company of a Los Angeles-based ghost-kitchen operator — to Atoms, which focuses on robots.

Hollywood Inc.Florida, with its high concentration of wealth, no state income tax, pro-business policies and balmy weather, has drawn an unusually large number of disaffected California tech moguls.Kalanick is among the billionaires who have been cutting back their ties to California as a debate about a proposed wealth tax heats up.

Late last year, some of California’s mega-rich have opened new offices and purchased more real estate in other states, and said they are thinking about moving.The California billionaire tax would apply to about 200 California billionaires who reside in the state as of Jan.1.

Under the act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth.The proposal would help fund healthcare, education and food assistance.

It still needs enough signatures to make it to the November ballot and get voter approval.A website for the proposed tax says it would be difficult for billionaires to evade it.

“Their taxable wealth includes worldwide assets; therefore, they cannot avoid the tax by moving their assets outside of California,” the website says.The Service Employees International Union-United Healthcare Workers West i...