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It looks like California’s billionaire tax is going to fail.
Posted on 11/4/26 at 10:02 am
Posted on 11/4/26 at 10:02 am
And since it was going to be retroactive a lot of their billionaires have already left.
That one’s gonna sting.
That one’s gonna sting.
Posted on 11/4/26 at 10:03 am to OysterPoBoy
I'm actually pretty surprised at that. People probably just see the writing on the wall that the billionaires are the low hanging fruit and that they will eventually start coming for everyone.
Posted on 11/4/26 at 10:04 am to OysterPoBoy
quote:
a lot of their billionaires have already left
Less than 1% of billionaires in California have left.
Posted on 11/4/26 at 10:04 am to OysterPoBoy
taxing billionaires more isn't going to magically improve their lives
Posted on 11/4/26 at 10:05 am to ParkRanger
quote:
Less than 1% of billionaires
Well 1% is a million so…
Posted on 11/4/26 at 10:06 am to ParkRanger
quote:
Less than 1% of billionaires in California have left.
Wrong. 2.8%
Posted on 11/4/26 at 10:07 am to OysterPoBoy
The Marxists won't give up that easy. They will dress the pig up and try again.
Posted on 11/4/26 at 10:07 am to ParkRanger
quote:
Less than 1% of billionaires in California have left.
The tax has not gone in effect yet.
1% is greater than zero. Just say you are for the tax. do not nibble around the edges.
Posted on 11/4/26 at 10:07 am to BBONDS25
quote:
Wrong. 2.8%
So not a lot.
Posted on 11/4/26 at 10:07 am to ParkRanger
quote:
So not a lot.
I’m hearing it’s a lot.
Posted on 11/4/26 at 10:08 am to OysterPoBoy
quote:
And since it was going to be retroactive a lot of their billionaires have already left.
One of those HUGE, gaping holes in our rights as citizens. SCotUS has established in several cases that we have absolutely no protections against retroactive taxation.
Posted on 11/4/26 at 10:10 am to hsfolk
quote:
taxing billionaires more isn't going to magically improve their lives
It isn’t going to magically make their lives worse, either
Posted on 11/4/26 at 10:10 am to hsfolk
quote:
taxing billionaires more isn't going to magically improve their lives
It will drastically improve the lives of a handful of politicians.
Posted on 11/4/26 at 10:10 am to ParkRanger
quote:
So not a lot.
So you were wrong.
Posted on 11/4/26 at 10:11 am to ParkRanger
quote:would you rather a billion millionaires or a million billionaires?
Less than 1% of billionaires in California have left.
Posted on 11/4/26 at 10:14 am to TDTOM
quote:
So you were wrong.
Estimates indicate that 6 to 7 billionaires have formally left or relocated their primary residency out of California ahead of deadlines tied to the state's proposed 5% wealth tax (Proposition 40).
California is home to 255 to 259 billionaires, maintaining the largest billionaire population of any U.S. state.
You do the math. I’m not wrong.
Posted on 11/4/26 at 10:15 am to FliesByNight
quote:
I'm actually pretty surprised at that. People probably just see the writing on the wall that the billionaires are the low hanging fruit and that they will eventually start coming for everyone.
Yep, that was actually written into the bill as a smaill one paragraph section.See section 50310
Section 50310 of the 2026 Billionaire Tax Act allows the California Legislature to amend the Act by a two-thirds vote, provided the amendments are consistent with and further the purposes of the Act. This section specifically enables changes to any part of the initiative, including the tax rate and the threshold for billionaires, without requiring another statewide vote.
A 2/3 vote in this one party state is a piece of cake.
This post was edited on 11/4/26 at 10:17 am
Posted on 11/4/26 at 10:29 am to ParkRanger
quote:
You do the math. I’m not wrong.
It isn't the number of billionaires that matters; it is the net worth. The ones who left combine for a net worth of over 500 billion out of a total of 2.4 trillion for all California billionaires. 20% of the wealth has now left the state.
Include Elon Musk, and you are looking at 44% of the wealth having left the state because of overregulation and high taxes.
Posted on 11/4/26 at 10:31 am to OysterPoBoy
Always cracks me up that people flee places like California, then turn their new home into a new California.
Posted on 11/4/26 at 10:41 am to Nurbis
quote:
The ones who left combine for a net worth of over 500 billion out of a total of 2.4 trillion for all California billionaires. 20% of the wealth has now left the state.
Well, how is them leaving a bad thing? Let them leave. The net worth of private citizens does not determine a state’s GDP.
This post was edited on 11/4/26 at 10:43 am
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