Thiel Capital, founded by Peter Thiel, opened a new Miami office amidst California’s proposed wealth tax debate. A healthcare workers’ union suggested a 5% tax on CA residents with net worths over $1 billion. Thiel Capital’s expansion in Miami follows other firms moving from California to Florida due to a more favorable business environment. The proposed wealth tax in California aims to generate $100 billion over five years from roughly 200 billionaires in the state. Celebrity attorney Alex Spiro warned of clients relocating if the tax passes, prompting Gov. Newsom’s opposition to state-level wealth taxes.

Read more at Yahoo Finance: Thiel Capital, founded by billionaire Peter Thiel, opens a new office in Miami as California debates a wealth tax