https://www.foxbusiness.com/lifestyle/california-billionaires-face-one-time-wealth-tax

 

https://oag.ca.gov/system/files/initiatives/pdfs/25-0024 (Billionaire Tax ).pdf

 

This should be an interesting discussion.  Good idea?  Theft?  In between?

 

Seems to be the last gasp of over reaching government desperate to find more of someone else's money to spend on getting themselves elected again.  But I'll read opinions that think this is a great idea.  

 

NO idea why it won't embed the links.  But you can follow them if you wish.

Systemic progressivism at work. It's not just a tax hike, it's a strategic move to weaponize wealth unfairness for permanent financial  redistribution( or in layman's term theft).

 

A Beta project for the Dem Socialist party starts in California.Dems keep on taking and taking until theres nobody left to take it from.

Direct tax on  Property is unconstitutional .

Article I, Section 9: No capitation, or other direct tax, shall be laid, unless in proportion to the Census.

 

ai overview:

California's government debt is approximately $497 billion, but this figure increases significantly when state and local government debt is combined, reaching over $1 trillion. 

1 hour ago, riclag said:

Systemic progressivism at work. It's not just a tax hike, it's a strategic move to weaponize wealth unfairness for permanent financial  redistribution( or in layman's term theft).

 

A Beta project for the Dem Socialist party starts in California.Dems keep on taking and taking until theres nobody left to take it from.

Direct tax on  Property is unconstitutional .

 

Article I, Section 9: No capitation, or other direct tax, shall be laid, unless in proportion to the Census.

 

ai overview:

California's government debt is approximately $497 billion, but this figure increases significantly when state and local government debt is combined, reaching over $1 trillion. 

Billionaires are, quit certain, appreciative of your support from so near the bottom of the financial pile.

That should motivate all of them to leave ASAP.  

 

I would change my home address tomorrow, and no longer be a resident of CA.  Along with moving any and all businesses out of state.

 

I was a small fry financially, and I left the USA because of taxes.   That 5% would be more than my life time earnings.   Nothing to a billionaire, but do they really think it will be a one time thing.  No such thing as a temporary tax in the USA.

 

It seems socialism in CA just isn't working, and they ran out of other people's money already.  Just taking more and more 

 

If money in tech & entertainment, then pretty easy to relocate ...

 

 

$1 B X 5% = $50M  X 199 = $9.95 B

 

Wee bit shy from $30 B

10 minutes ago, KhunLA said:

I was a small fry financially

Such honesty is rare.

2 hours ago, riclag said:

California's government debt is approximately $497 billion, but this figure increases significantly when state and local government debt is combined, reaching over $1 trillion. 

That explains why they never proposed seceding ... they're a failed state.  Socialism has bankrupted them.

 

 

yeah well these are petty vindictive people.

 

If they want to know what's it's like to live without billionaires they can move to pretty much anywhere else in the world but no they chose California instead.

1 hour ago, KhunLA said:

That should motivate all of them to leave ASAP.  

 

I would change my home address tomorrow, and no longer be a resident of CA.  Along with moving any and all businesses out of state.

 

I was a small fry financially, and I left the USA because of taxes.   That 5% would be more than my life time earnings.   Nothing to a billionaire, but do they really think it will be a one time thing.  No such thing as a temporary tax in the USA.

 

It seems socialism in CA just isn't working, and they ran out of other people's money already.  Just taking more and more 

 

If money in tech & entertainment, then pretty easy to relocate ...

 

 

$1 B X 5% = $50M  X 199 = $9.95 B

 

Wee bit shy from $30 B

  "Nothing to a billionaire, but do they really think it will be a one time thing.  No such thing as a temporary tax in the USA".

 

The  hard core Progressives are masters at word manipulation , they demonize the Billionaires as to why their voter base is oppressed and expect them to stick around to steal from them. 

 

 

IMO it would be significant to the billionaires.  For one thing most of them have that money parked in investments such as stocks and bonds.  They would be forced to sell them and lower the stock price as the markets would react to the largest investors in these companies selling off.  Second, NOW they will be taxed on the capital gains and for many the gains are over 50%.  Net result would be large even for people in that stratosphere of wealth.  Typical of the left they don't recognize the unintended consequences of what they think is a good idea.  

 

Betting we see a lot of them begin moving away from California just reading this concept.  Not hard to do if one is that wealthy.  And perhaps moving businesses with them.  I need to call my old boss and ask if he and his circle are leaving.  

32 minutes ago, jimmybcool said:

IMO it would be significant to the billionaires.  For one thing most of them have that money parked in investments such as stocks and bonds.  They would be forced to sell them and lower the stock price as the markets would react to the largest investors in these companies selling off.  Second, NOW they will be taxed on the capital gains and for many the gains are over 50%.  Net result would be large even for people in that stratosphere of wealth.  Typical of the left they don't recognize the unintended consequences of what they think is a good idea.  

 

Betting we see a lot of them begin moving away from California just reading this concept.  Not hard to do if one is that wealthy.  And perhaps moving businesses with them.  I need to call my old boss and ask if he and his circle are leaving.  

When the socialist are finished with the rich what happens?

5 hours ago, Chomper Higgot said:

Billionaires are, quit certain, appreciative of your support from so near the bottom of the financial pile.

Billionaire are mobile, they will leave CA.

5 hours ago, KhunLA said:

No such thing as a temporary tax in the USA.

 

That's not true!

 

The federal telephone excise tax was enacted in 1898 to fund the Spanish-American War.

 

It was repealed in 2024, after 126 years.

 

Man, that was an expensive war!

If the good American people are able to remove Trump before he destroys the USA, or sells it to the highest foreign bidder, then the next democratic administration may introduce similar taxes at a federal level to punish the billionaires who support and fund Trump.

1 hour ago, JimHuaHin said:

If the good American people are able to remove Trump before he destroys the USA, or sells it to the highest foreign bidder, then the next democratic administration may introduce similar taxes at a federal level to punish the billionaires who support and fund Trump.

I’m not seeing how the USA is getting destroyed.  Please elaborate.

1 hour ago, JimHuaHin said:

If the good American people are able to remove Trump before he destroys the USA, or sells it to the highest foreign bidder, then the next democratic administration may introduce similar taxes at a federal level to punish the billionaires who support and fund Trump.

 

Might want to check your facts before posting, as Trump 1 sold the least debt to foreign countries.  

 

Google AI 

 

1 hour ago, JimHuaHin said:

If the good American people are able to remove Trump before he destroys the USA, or sells it to the highest foreign bidder, then the next democratic administration may introduce similar taxes at a federal level to punish the billionaires who support and fund Trump.

BTW, federal wealth taxes are not constitutional.  Counties are moving away from wealth taxes.  

 

 

https://www.ntu.org/foundation/detail/is-a-wealth-tax-constitutional

12 hours ago, JimHuaHin said:

If the good American people are able to remove Trump before he destroys the USA, or sells it to the highest foreign bidder, then the next democratic administration may introduce similar taxes at a federal level to punish the billionaires who support and fund Trump.

 

Are you suggesting a fascist overthrow of a duly elected president?  

12 hours ago, KhunLA said:

 

Might want to check your facts before posting, as Trump 1 sold the least debt to foreign countries.  

 

You mean, foreign countries were the least interested in buying US debt, because Trump was president?

 

 

If that tax is allowed, the vermin will continue down the food chain until every resident will be taxed for having assets.