Thiel Capital, founded by billionaire Peter Thiel, opens a new office in Miami as California debates a wealth tax

• Thiel Capital opened a caller Miami bureau amid California's projected wealthiness taxation debate.

• Peter Thiel, who founded Thiel Capital, bought a location successful the country successful 2020.

• A healthcare workers' national floated a 5% taxation connected CA residents with nett worths exceeding $1 billion.

Thiel Capital is expanding successful Miami.

On Wednesday, the backstage concern steadfast founded by the billionaire tech capitalist Peter Thiel said it has opened a caller bureau successful Miami.

Thiel Capital's property merchandise said that the caller bureau is located successful Wynwood, a erstwhile warehouse territory that has go a hub for startups, investors, and taste institutions. The lease was signed successful December, and the caller bureau volition "complement Thiel Capital's existing operations successful Los Angeles," the steadfast said.

The announcement comes arsenic a connection for a wealthiness taxation was floated successful California.

Miami's startup and concern country heated up during the pandemic and successful the years that followed, with galore large firms from California and New York relocating their office and expanding their offices there.

San Francisco-based Founders Fund, the task superior steadfast cofounded by Thiel, has had an bureau successful Miami since 2021. In 2020, Thiel bought an $18 cardinal location successful Miami's Venetian Islands.

California is debating a projected wealthiness taxation that would enforce a one-time 5% taxation connected residents with nett worths exceeding $1 billion, to beryllium paid implicit 5 years.

The wealthiness taxation inactive needs 870,000 signatures to adjacent marque it to the ballot successful November 2026, wherever it would past beryllium approved oregon rejected by voters astatine the ballot box. However, billionaires person already been captious of the program and warned of an exodus of the wealthy.

It was projected by SEIU-United Healthcare Workers West and designed to offset anticipated cuts to healthcare, education, and nutrient assistance.

In examination to an income tax, a wealthiness taxation is simply a levy connected each of an individual's nett worth, due to the fact that it is hard to quantify the yearly income of a idiosyncratic who doesn't gain mean paychecks but has different assets that summation worth each year. The taxation would use to the astir 200 billionaires residing successful California, which has a full colonisation of implicit 39 cardinal people. The SEIU-UHW estimates that the one-time taxation volition bring successful $100 cardinal implicit 5 years for the state.

Celebrity lawyer Alex Spiro wrote a missive to Gov. Gavin Newsom connected behalf of his clients, informing that his clients volition "permanently relocate" if the California wealthiness taxation passes.

Izzy Gardon, a spokesperson for Newsom's office, told Business Insider that the politician has "consistently opposed state-level wealthiness taxes" and that a wealthiness tax, "if implemented astatine a state-only level, they thrust a contention to the bottom."