California SEIU Has a Ballot Initiative to Steal All of America’s Wealth

The SEIU, a communist/socialist healthcare union, proposed a ballot initiative that would steal the wealth of California’s richest residents. They would levy a one -time 5% wealth tax on all the net worth of people with over $1 billion.

“This would mean everything the billionaires in California is up for grabs, including their stocks, artwork, intellectual property rights, their cars, their houses, their dog, their fancy cat, rather than income.

It sets a very dangerous precedent for all of us and even though they say it’s one time and it’s only billionaires, it’s the precedent that matters. They would basically steer hundreds of millions of dollars from these people they are running around getting signatures. They need about 875,000 signatures.

Governor Gavin Newsom said he’s opposed and groups are already forming to oppose it.

The union says it would give them about $100 billion to offset the looming costs of Medicaid. Perhaps it would be better to stop giving it to millions of illegal aliens.

They will collect signatures starting in January and estimate there are 255 billionaires last year in the state, 22% of the total in the United States. For someone worth $10 billion, they would have to pay $500 million in taxes for last year. This is retroactive.

Newsom’s campaign strategist, Dan Newman, said, “It opens up a can of worms, sliding down a slippery slope by taxing cars, houses, wheelbarrows and everything else.” It will also drive the ultra wealthy from the state.

San Jose mayor Matt Mahan said that more than 1/3 of the state’s tax revenue comes from the top 1% of earners.

The Unsustainable Tax

That’s an unsustainable loss of revenue if they leave the state.

Alleged income inequality, which is actually based in greed and envy for other people’s wealth, is what drove Zohran Mamdani to a win in New York.

Mamdani wants to tax 2% of incomes over 1,000,000. California’s union goes further by targeting net worth rather than income. It could mean a much larger bite of billionaires wealth going after everything they own. Many of these billionaires said they wanted to be taxed while under the Biden administration because it’s patriotic. So let’s see if they feel that way now.

In California’s case, it would mean taxing unrealized wealth. They would tax their real estate, stocks, wealth that could easily decrease in value from year-to-year. If they are taxed at the higher rate and the value goes down, they will never be reimbursed. It destroys wealth.

Cristobal Young, a sociology professor at Cornell, who is big on economic inequality, said it’s not fair and it’s inefficient for billionaires to have this kind of untaxed wealth. “We have to figure it out,” he says. According to him, there’s too much wealth that escapes  taxation.

Socialists and communists think that other people’s money is their money and they can do with it as they wish.