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Started By
Message
California looking to tax Billionaires 1 time 5%
Posted on 10/30/25 at 12:28 pm
Posted on 10/30/25 at 12:28 pm
quote:
California’s wealthiest residents could face a one-time 5% tax on their net worth under a new proposal aimed at replacing billions of dollars in federal funding cuts to healthcare.
The measure – called the "2026 Billionaire Tax Act" – seeks to counter $30 billion in potential federal funding cuts to California's Medicaid program, with a portion of the revenue earmarked for public education, according to supporters, which include the Service Employees International Union (SEIU).
If this passes you can bet it won't just be 1 time
33
Posted on 10/30/25 at 12:29 pm to AubieinNC2009
You can bet a lot more wealthy people are going to leave commiefornia at this news.
Posted on 10/30/25 at 12:30 pm to AubieinNC2009
quote:
1 time
Suuuuuure.gif
Posted on 10/30/25 at 12:32 pm to AubieinNC2009
So if the billionaire’s worth is tied up in non-liquid assets like business property and infrastructure, will this law require them to sell off assets/lay off labor to pay the tax bill?
Posted on 10/30/25 at 12:32 pm to AubieinNC2009
Imagine the lack of brain cells you need to have to vote for a dem.
Posted on 10/30/25 at 12:34 pm to AubieinNC2009
How do you tax based on net worth? These huge billionaires don’t have all that money liquid.
Posted on 10/30/25 at 12:35 pm to AlterEd
With a class action suit on the table as they leave. Ridiculous!
Posted on 10/30/25 at 12:35 pm to AubieinNC2009
quote:
federal funding cuts to healthcare
In other words ya'll get to pay for all of Gavin's Illegals
Posted on 10/30/25 at 12:36 pm to AubieinNC2009
quote:
If this passes you can bet it won't just be 1 time
If this passes, you can bet that billionaires will be getting the frick out of Cali for a no income tax state like Florida or Texas.
Posted on 10/30/25 at 12:37 pm to AubieinNC2009
One time tax, my arse. If this passes it’ll become permanent.
Posted on 10/30/25 at 12:37 pm to AubieinNC2009
One time… right…
Posted on 10/30/25 at 12:39 pm to AubieinNC2009
One time? 
Who is going to calculate the net worth of the individual? What valuation methodology are they going to use?
I really hope they do this.
Who is going to calculate the net worth of the individual? What valuation methodology are they going to use?
I really hope they do this.
Posted on 10/30/25 at 12:39 pm to AubieinNC2009
So just steal 5% of my total after already stealing over 50% a year. F those jackasses
Posted on 10/30/25 at 12:39 pm to BayouBandit24
quote:
How do you tax based on net worth? These huge billionaires don’t have all that money liquid.
You would be shocked by the amount of people who don’t understand this. They think Elon has $330 billion lying around in checking accounts.
Posted on 10/30/25 at 12:42 pm to BeepBopBoop
quote:
So just steal 5% of my total after already stealing over 50% a year. F those jackasses
This is a stupid idea, but these guys aren't paying over 50% a year
What sort of idiocy are you dreaming of?
Posted on 10/30/25 at 12:48 pm to AubieinNC2009
For one year, every billionaire in California will establish a residency on the East Shore of Lake Tahoe (the Nevada side) or Vegas so that they don’t have to pay this "one time" tax. After waiting that year, they’ll just move back.
If California keeps looking to do this, you can easily envision Texas becoming the new Silicon Valley to the extent it already hasn't.
In fact, if I were a billionaire, I would already be doing this (establishing a residency in Nevada) because they’ll probably place an effective date in the law that coincides when the law passes or was first introduced.
Not that long ago, California proposed placing a “exit tax“ by which they wanted to tax anyone leaving the state a certain percent of their world wide assets just to move out of the state. This was at a time when many of their wealthiest residents were moving to Texas and Florida because of California’s draconian and insane taxes. I think the only reason it didn’t pass is because they realized that it most likely would never pass constitutional muster in the courts.
If California keeps looking to do this, you can easily envision Texas becoming the new Silicon Valley to the extent it already hasn't.
In fact, if I were a billionaire, I would already be doing this (establishing a residency in Nevada) because they’ll probably place an effective date in the law that coincides when the law passes or was first introduced.
Not that long ago, California proposed placing a “exit tax“ by which they wanted to tax anyone leaving the state a certain percent of their world wide assets just to move out of the state. This was at a time when many of their wealthiest residents were moving to Texas and Florida because of California’s draconian and insane taxes. I think the only reason it didn’t pass is because they realized that it most likely would never pass constitutional muster in the courts.
This post was edited on 10/30/25 at 12:52 pm
Posted on 10/30/25 at 12:49 pm to Antonio Moss
quote:
So if the billionaire’s worth is tied up in non-liquid assets like business property and infrastructure, will this law require them to sell off assets/lay off labor to pay the tax bill?
They'll likely change their primary residence out of state to avoid the tax
But they wouldn't sell any assets. They would take out a loan to once again avoid the tax from selling the assets.
Posted on 10/30/25 at 12:49 pm to AubieinNC2009
A wealth tax is going to be court tested up to the SCOTUS.
Posted on 10/30/25 at 12:53 pm to AubieinNC2009
You know...If I were a billionaire living in Cali my money would have anyone supporting this bill disappear from society..
Posted on 10/30/25 at 12:54 pm to AubieinNC2009
It will go from one time…..juuust this once.
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