Posted on 06/18/2026 8:03:49 AM PDT by MtnClimber
A proposal to impose a one-time 5 percent tax on the assets of California billionaires has qualified for the November ballot.
The California Secretary of State’s office announced Wednesday that supporters had gathered enough signatures to place the measure before voters after months of maneuvering and opposition from influential political and business leaders.
The proposal, backed by a health care union, would levy a one-time tax on the assets of the state’s wealthiest residents.
Advocates of the measure claim the increase in revenue would help offset the effects of federal spending reductions and provide resources to prevent hospital closures and job losses. Among those backing the proposal is socialist Sen. Bernie Sanders.
Opponents, including Newsom and several Silicon Valley business leaders, believe the tax would damage California’s business environment and encourage wealthy taxpayers to relocate, reducing state revenue in the long run.
The measure has split California’s Democratic coalition, creating divisions among labor groups and drawing significant financial involvement from technology executives and business organizations.
A prominent critic of the tax is Google co-founder Sergey Brin, who has joined other opponents in funding efforts aimed at countering the initiative and advancing alternative ballot measures.
Despite qualifying for the ballot, it may not end up with a vote.
Proponents retain the option of withdrawing the measure before a late June deadline as part of an agreement involving lawmakers and the governor. The billionaires tax is one of several competing tax-related proposals currently under discussion, including a separate union-backed tax extension, a business-supported effort to limit future tax increases and other initiatives backed by Brin and his allies.
Leaders of SEIU-UHW, the health care union sponsoring the proposal, have said they want voters to decide the issue. More recently, however, they have indicated a willingness to continue discussions as Newsom works to build opposition among labor and health care organizations.
” don’t get it. Drive away the highest tax payers for a one time payment.”
It makes perfect sense if you understand that the Democrat party is not motivated by logic, but by envy.
Everything they say and do comes down to envy.
Men gave them the power to do this and men are at fault. Cucks galore.
Valuable art.
Show us your Hunter Biden art.
It has appreciated, you know.
First they came for the billionaires and I said nothing.
Then, they came for the millionaires. This is a huge chunk of people in the state becuase of property values.
SEIU IS NOT A “HEALTH CARE UNION”-——
IT WAS STARTED AS A JANITORS UNION IN LOS ANGELES.
It will never be a one time tax and everyone there knows it.
Letting women vote will be the ruin of America.
California, the new East Germany.
If a union is sponsoring the measure, then it doesn’t take genius to know where the money will go, aside from a certain politician or two. Voters are again being sold a pig in a poke.
Exactly. 20 years times 5% means there will be nothing left to plunder.
And it won’t always be a tax on billionaires either.
This is an IQ test (Like Prop50). If you think the commie trash in power will not immediately expand this to everyone with more money than they like for the rest of time — you are too stupid to live.
The Historical Rule: For decades, Indiana law granted assessing officials the authority to enter and examine buildings to gather necessary data for accurate property valuations.
Califoenia haven’t seen that yet?.
Not to mention much of their assets are held in trusts and LLC’s.
They don’t own anything but, they control it....
And if they held offshore then those countries simply don’t recognize American courts....
Imagine the endless litigation.
It will be the tax attorneys’ heaven on earth.
The lawyer who structured Ilhan Omar’s sudden decline in assets from $30 million to $30 thousand is going to be on every rich California’s speed dial.
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