Billionaires, including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents.
They already tax billionaires from every which way from Sunday.
The reason the wealthy are willing to leave the former paradise of California is a potential California ballot measure from the health care union, Service Employees International Union-United Healthcare Workers West, the people said. The proposal calls for California residents worth more than $1 billion to be taxed at the equivalent of 5 percent of their assets.
Now, we have unions taxing people. Additionally, the SEIU is a communist union.
Incoming
If the measure gains enough signatures to reach the state ballot in November and wins approval, it would retroactively apply to anyone who lived in California as of Jan. 1, 2026. Those with $20 billion in assets who resided in the state on that date would face a one-time tax of $1 billion and have five years to pay it, according to the terms of the measure.
Clearly, it won’t be a one-time payment. It never is with government. The income tax was supposed to be temporary. The tax stems from the ideology of greed and envy.
Mr. Page’s net worth is estimated at around $258 billion. The measure could result in a one-time tax of more than $12 billion. The tax bill for Mr. Thiel, whose net worth is around $27.5 billion, could be more than $1.2 billion.
After the billionaires and millionaires flee, the middle class bears the burden until there is no longer a middle class. That’s how it works.
Wealth taxes are how the likes of Castro and Maduro do business. It sounds good if you don’t know your history.
I don’t care if billionaires get taxed more. I just know how this ends up.
