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re: Billionaire tax divides California Democrats
Posted on 11/1/26 at 12:37 pm to Jbird
Posted on 11/1/26 at 12:37 pm to Jbird
quote:
By voting “yes” on proposition 40, Californians would support a one-time 5 percent tax on billionaires’ wealth. The government revenue from the wealth tax,
Why only one year? Why not make it an annual tax? Levy 1% surtax on all income over 5 million no deductions and call it a day. Feds should do something similar instead of all the racket with deductions for this and that.
This post was edited on 11/1/26 at 12:38 pm
Posted on 11/1/26 at 12:39 pm to Wolfwireless
I love how they are making it retroactive. Normally you pass an law and make it effective in the future allowing the citizens ample time to, in this case, move. What a communist move.
Its what NY did to Trump, passed a law, made it retroactive so that loon could sue him. When she failed she sued for slander. Thats akin to shooting a burglar and being sued, if she had not started it the slander would have never occurred.
Talk about killing the golden goose. Its not just the billionaires its the 100s of thousands of high net worth individuals that will move when the businesses are moved. Course it will solve their housing problem.
Its supposedly because the BBB is cutting down on money spend on medicaid. Well maybe if they did not spend coverage twice the percentage of people covered in other states, ie illegals, they would not have a problem.
Its what NY did to Trump, passed a law, made it retroactive so that loon could sue him. When she failed she sued for slander. Thats akin to shooting a burglar and being sued, if she had not started it the slander would have never occurred.
Talk about killing the golden goose. Its not just the billionaires its the 100s of thousands of high net worth individuals that will move when the businesses are moved. Course it will solve their housing problem.
Its supposedly because the BBB is cutting down on money spend on medicaid. Well maybe if they did not spend coverage twice the percentage of people covered in other states, ie illegals, they would not have a problem.
Posted on 11/1/26 at 12:43 pm to trinidadtiger
They think the tax could bring in 100 billion a good portion to be spent on health care............how about they fix this instead:
Total fraud in California is estimated between 180 to 280 billion.
quote:
Medi-Cal & Healthcare/Hospice Fraud: Estimates of improper payments and program losses span anywhere from $95 billion to $146 billion, alongside large-scale hospice and pharmacy billing schemes (such as tens of millions to hundreds of millions in targeted law enforcement crackdowns like Operation Skip Trace
Total fraud in California is estimated between 180 to 280 billion.
Posted on 11/1/26 at 12:43 pm to Tarps99
Because the want a wealth tax brah.
Posted on 11/1/26 at 12:53 pm to Jbird
Now Jbird are you saying they will then go after the 1.1 million millionaires in the state, just one time a swear 
Posted on 11/1/26 at 12:54 pm to trinidadtiger
quote:
love how they are making it retroactive. Normally you pass an law and make it effective in the future allowing the citizens ample time to, in this case, move. What a communist move.
I was thinking about that too, Trinidad. Like how they have with that tax on people that leave the state.
quote:
Talk about killing the golden goose. Its not just the billionaires its the 100s of thousands of high net worth individuals that will move when the businesses are moved. Course it will solve their housing problem.
Do they think that far ahead? It kinda doesn't seem like it.
The housing problem. Yeah it could. But, it might not.
If they scare off all the big companies and good jobs, people still wouldn't be able to afford the ridiculous rent.
Posted on 11/1/26 at 12:56 pm to Jbird
I know people that work in finance in CA.
Their wealthiest clients have all moved after this was announced.
Their wealthiest clients have all moved after this was announced.
Posted on 11/1/26 at 1:14 pm to trinidadtiger
Lol
I see you have an IRA hate to see some wealth tax foist upon you millionaires!
I see you have an IRA hate to see some wealth tax foist upon you millionaires!
Posted on 11/1/26 at 1:15 pm to Deuces
The locust will vote Dem and duck up another State.
Posted on 11/1/26 at 1:51 pm to Jbird
How are they going to determine a person's wealth without massively invading their privacy?
Posted on 11/1/26 at 1:53 pm to Wolfwireless
quote:
There's a reason why there isn't a nationwide billionaires tax. And while it does affect the economy
The truth is, is that billionaires are DONORS
I'm a billionaire and have settled in Texas. I would never move back to California where I started.
Posted on 11/1/26 at 1:57 pm to Jbird
Rich dems are a bunch of posers when the party starts going after their dough.
Posted on 11/1/26 at 1:58 pm to LSUbest
quote:
More than 90% of it will be stolen by fraudsters
Let's say it is spent responsibly, what happens when it is spent in 2 yrs, where does the money come to sustain the extra spending?
Posted on 11/1/26 at 2:01 pm to Wolfwireless
The billionaires should leave. Cali State government isn’t owed that money. Immigrants and unemployed lowlifes arent owed healthcare. The made this bed, lay it it.
This post was edited on 11/1/26 at 2:05 pm
Posted on 11/1/26 at 2:18 pm to TrueTiger
15 billion on a system that will never be done.
Posted on 11/1/26 at 2:23 pm to mauser
quote:
Does Bezos live out there? Do people comprehend how many people work for Amazon directly or indirectly?
Bezos wouldn't lay off Californians or close distribution centers.
Not sure where he lives. If he lives in CA he'll need to liquidate enough shares to pay the bill. That much stock hitting the market will drop the price which will screw every working stiff who has AMZN in their investment account, as well as CALPERS if they're invested in AMZN (or whatever other companies have billionaire founders).
Posted on 11/1/26 at 2:50 pm to Bestbank Tiger
Ironic you bring up Amazon. They have reduced their workforce by 11,000 in Seattle and moved those jobs to Bellevue because the city keeps fcking them on stupid taxes.
• JumpStart Payroll Expense Tax: An employer-paid tax on high-earning employees. For 2026, it applies to businesses with at least $9,074,409 in prior-year Seattle payroll that pay employees compensation of $194,452 or more, with rates ranging from 0.746% to 2.557% depending on the tier. Detailed guidance is available through the Seattle Payroll Expense Tax Portal.
• Seattle Social Housing Tax: Approved by voters, this imposes a 5% levy paid by employers on the Seattle-attributable portion of any employee's annual compensation exceeding $1 million.
So make the minium wage for legals 22 bucks, make yourself a sanctuary city.....and then be surprised housing is a problem when 1000s of illegals move into the city. Then make companies who are paying legals to also support the illegals.
• JumpStart Payroll Expense Tax: An employer-paid tax on high-earning employees. For 2026, it applies to businesses with at least $9,074,409 in prior-year Seattle payroll that pay employees compensation of $194,452 or more, with rates ranging from 0.746% to 2.557% depending on the tier. Detailed guidance is available through the Seattle Payroll Expense Tax Portal.
• Seattle Social Housing Tax: Approved by voters, this imposes a 5% levy paid by employers on the Seattle-attributable portion of any employee's annual compensation exceeding $1 million.
So make the minium wage for legals 22 bucks, make yourself a sanctuary city.....and then be surprised housing is a problem when 1000s of illegals move into the city. Then make companies who are paying legals to also support the illegals.
Posted on 11/1/26 at 3:52 pm to trinidadtiger
quote:
Ironic you bring up Amazon. They have reduced their workforce by 11,000 in Seattle and moved those jobs to Bellevue because the city keeps fcking them on stupid taxes
Sure, if you're taxing the business activity you'll get less of it.
Wealth tax affects shareholders on an individual level and they'll adjust their personal finances accordingly.
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