Can Silicon Valley save California? It appears to be trying.
Thanks to Internet start-ups, there are hundreds of new millionaires in that part of the state. And, come Friday, Facebook’s $100 billion debut on Wall Street will make more millionaires and even some billionaires.
These wealthy California residents are now earning more money and spending it. Great news for regional businesses like real estate, restaurants, and car companies, and even better news for the entire state of California.
California will collect about $2 billion from personal taxes related to the Facebook IPO, according to an article in USA Today. With an $18 billion budget deficit, California could use the cash, for sure.
Is this new crop of California capitalists really Silicon Valley Superheroes swooping in to save the state? That may be a stretch, but let’s just say it pays to have ‘friends’ in high-tech places.
Peace Love Profits,