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Message
re: California proposing 5% wealth tax on billionaires
Posted on 11/1/25 at 7:47 pm to Bard
Posted on 11/1/25 at 7:47 pm to Bard
quote:
That's what proposed legislation is.
This isn't legislation, this is a union sponsored ballot initiative. It is not going through the California State Legislature but via the ballot box.
It needs 870,000 signatures to be added to the ballot. The likelihood of that happening before the deadline is low. It is just a stunt.
.
0
Posted on 11/1/25 at 7:53 pm to DarthRebel
quote:
What would stop them from taxing anyone that has ever lived there.
What do they do?
"If you lived here for one day, we consider you to have been a permanent resident for tax purposes. You will be taxed on all income earned in any year in which you resided in California for one day or more, regardless of what State you earned it in."
Or something ridiculous like that?
Posted on 11/1/25 at 7:56 pm to trinidadtiger
Here's a bit more data on it: LINK
Let's look at the details...
The proposed tax is a one-time 5% levy on net worth exceeding $1 billion (worldwide assets, including stocks, trusts, real estate, businesses, and charities) as of December 31, 2025. It would apply to ~200 California billionaires (Mark Zuckerberg, Jensen Huang, etc) who have a combined wealth of somewhere around $2T.
There is a slightly lower rate for the $1–$1.1 billion crowd (no idea how many of those there are).
The estimated revenue (which, of course, isn't taking into account value fluctuations or the wealthy simply leaving the state prior to 12/31/2025) is ~$100 billion, payable in full or over 5 years with interest and with steep penalties for underreporting.
The money would ostensibly go into a "Billionaire Tax Reserve Account" (capped at $25B/year) with 90% to healthcare (read: Medi-Cal expansion, because apparently providing free healthcare to illegals is far more expensive than Gavin estimated).
10% would go to K-12 public education because :SimpsonsThinkOfTheChildren.gif:
The rhetoric is that it's an "emergency" response to ~$30 billion in annual federal Medicaid (Medi-Cal) cuts from the "One Big Beautiful Bill," but that doesn't make sense as I've been assured Cali puts more into the federal government than it gets back from it.
The reality is that California has had to cut tens of billions in spending each year for the last two years and is projected to need to continue to cut anywhere from $10B to $30B+ each year for at least the next 5 years. Why is this? Because the taxation, government red tape (in building a home, a business, etc), crime and homeless problems are so out of control they have chased that much revenue out of their state. Instead of trying to change course, they are doubling down.
Let's look at the details...
The proposed tax is a one-time 5% levy on net worth exceeding $1 billion (worldwide assets, including stocks, trusts, real estate, businesses, and charities) as of December 31, 2025. It would apply to ~200 California billionaires (Mark Zuckerberg, Jensen Huang, etc) who have a combined wealth of somewhere around $2T.
There is a slightly lower rate for the $1–$1.1 billion crowd (no idea how many of those there are).
The estimated revenue (which, of course, isn't taking into account value fluctuations or the wealthy simply leaving the state prior to 12/31/2025) is ~$100 billion, payable in full or over 5 years with interest and with steep penalties for underreporting.
The money would ostensibly go into a "Billionaire Tax Reserve Account" (capped at $25B/year) with 90% to healthcare (read: Medi-Cal expansion, because apparently providing free healthcare to illegals is far more expensive than Gavin estimated).
10% would go to K-12 public education because :SimpsonsThinkOfTheChildren.gif:
The rhetoric is that it's an "emergency" response to ~$30 billion in annual federal Medicaid (Medi-Cal) cuts from the "One Big Beautiful Bill," but that doesn't make sense as I've been assured Cali puts more into the federal government than it gets back from it.
The reality is that California has had to cut tens of billions in spending each year for the last two years and is projected to need to continue to cut anywhere from $10B to $30B+ each year for at least the next 5 years. Why is this? Because the taxation, government red tape (in building a home, a business, etc), crime and homeless problems are so out of control they have chased that much revenue out of their state. Instead of trying to change course, they are doubling down.
Posted on 11/1/25 at 7:56 pm to trinidadtiger
Moving vans are already in route.....who would want to live there!
Posted on 11/1/25 at 8:32 pm to Bard
quote:If it even gets out of committee, we can discuss whether "California" as a political entity is "proposing" anything.quote:That's what proposed legislation is
"California" is not proposing anything of the sort.
A couple of legislators appear to be making that proposal.
Right now, a couple of nitwits are proposing something dumb.
Posted on 11/1/25 at 8:40 pm to trinidadtiger
We can try to be 2000s conservatives all we want, but this kind of thing is coming unless the economy magically creates the same opportunity for young people that their grandparents had.
The youth are going to take away wealth from the elderly, one way or another.
Most likely they are just going to vote for Communists.
The youth are going to take away wealth from the elderly, one way or another.
Most likely they are just going to vote for Communists.
Posted on 11/1/25 at 9:02 pm to trinidadtiger
California is the fourth or fifth largest economy in the world. If they can’t run a budget surplus then they seriously need better leadership.
Posted on 11/1/25 at 9:51 pm to The Eric
If you got 5% of every billionaire and multi billionaire in CA would it even fund the state for more than 6 months?
Posted on 11/1/25 at 9:56 pm to trinidadtiger
Do they still have elections in California… surprised the socialist state hasn’t taken over yet (I know I know— just give it time).
Posted on 11/1/25 at 10:00 pm to Bard
quote:
The proposed tax is a one-time 5% levy on net worth exceeding $1 billion (worldwide assets, including stocks, trusts, real estate, businesses, and charities) as of December 31, 2025.
Um... say what? That can't be even remotely legal or constitutional.
Posted on 11/1/25 at 10:01 pm to RelentlessAnalysis
Why don't they use a nuclear reactor to desalinate Sea water? I know people always says its to expensive, but what about the money that comes in from selling more crops? They could create biofuels to sell on workd market.
Posted on 11/1/25 at 11:02 pm to trinidadtiger
No they will do like NY and try to tax them as they are leaving.
Posted on 11/2/25 at 7:52 am to MemphisGuy
quote:
Um... say what? That can't be even remotely legal or constitutional.
Very likely not, lawsuits would be filed before the ink on it was dry. This has the feel of just running it up the flagpole to see who would salute.
Posted on 11/2/25 at 7:58 am to trinidadtiger
How anyone could still live in California and or even have a business there is mind boggling. You’d have to be an utter idiot to live there.
Posted on 11/2/25 at 8:02 am to Tchefuncte Tiger
quote:
How can they do this without invading the taxpayer's privacy? Will every California resident be required to turn over a balance sheet to the state?
Yeah, they find out what you have in the "bank" and with assets and then just reach into your pockets and take their fair share.
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