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. A wealth tax taxes every single thing the person owns, even stocks, paintings, cars, boats, which fluctuate in value.
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.
The common man in California votes to slam billionaires, not realizing what is going to happen to them. The taxes will go left wing ideology items that regular folks won’t use and to the ten’s of thousands of illegal aliens hanging around soaking up jobs and dollars. Then the rich leave and so do their tax dollars. But the garbage… Read more »
I have a new one, does this mean Nancy pelosi will finally pay taxes? Asking for a homeless friend
Good new I hear we have a high speed rail, free housing, free healthcare, free food and free education; you just have to come to the country in illegally! Oh and they are also solving homeless
ness and fire safety w amazing insurance!
too bad we don’t have any accountants in the state
Smoke screen. Here’s how this works. The legislature writes a new law to make those evil, filthy rich folks pay their fair share. Everyone, especially democrats stand up a clap. Then the bureaucrats write the rules. You know, to fill in the blank spaces to the bill. Sure the filthy rich pay a little more in taxes. They get on… Read more »
If you are still there you are a DAMN FOOL!!!!!!!! I left years almost 50 years ago and never looked back!!!!!!!!
Slowly the rot spreads with the vast majority of low information voters completely unaware of what they willingly do.
He said as the long black cloud began to engulf Him, “Forgive them Father for they know not what they do.”
Tax on billionaires is just a money laundering scram, it never goes to its intended purposes, just to politicians donors.