California ‘wealth tax’ proposal has its billionaires preparing to flee
By Monica Showalter
California has a problem with productive citizens leaving the state, which explains its affection for illegal aliens to replace them. But the Trump administration is cutting off their capacity to pay for their ‘free’ health care through federal dollars, which is they’ve cooked up a new scheme to get the illegals the freebies they require — another one-time ‘billionaire’s tax’ now collecting signature at the proposition level.
According to Forbes, the eat-the-rich cure-all intends the following:
The “2026 Billionaire Tax Act” would tax California residents whose net worth exceeds $1 billion up to 5% of their assets, and those with at least $20 billion in assets as of Jan. 1, 2026, would face a one-time tax of $1 billion. If the proposal was approved, Page would face a tax of roughly $12.8 billion in addition to the $1 billion one-time tax, while Thiel and Palihapitiya would pay about $2.35 billion and $60 million, respectively. The bill was proposed by the healthcare union Service Employees International Union-United Healthcare Workers West, which said the bill could generate up to $100 billion from 200 billionaires in the state. About 90% of these tax revenues would be used for health care, while 10% would fund food assistance and education-related programs. This tax revenue would offset the loss of billions in federal and state funding for California’s healthcare system, the group said.
‘Net worth’ of course, is unrealized income. Own a company assessed at a billion dollars and even though your salary may only be $150,000, you pay the full tax bite on $1 billion as if you had that much in your checking account.
See how bad it would be here, from one of the actual billionaires thinking about fleeing: