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Posted on 12/24/2025 6:50:55 AM PST by Libloather
California’s richest residents could be slapped with a one-time 5% tax on their net worth if a new law makes it onto the ballot next year.
The measure – called the “2026 Billionaire Tax Act” – seeks to counter $30 billion in potential federal funding cuts to California’s Medicaid program.
Cash from the new tax could also pay for the Golden State’s struggling public education system, according to supporters of the act, which include the Service Employees International Union (SEIU).
If passed and signed off by Gov. Gavin Newsom, California’s tech bosses like Meta CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, could face huge tax bills.
Five percent of Huang’s estimated net worth could see him paying a one-time bill of over $8 billion, for example. Zuck’s bill could be even higher, at around $12 billion or more.
Liberal supporters argue that around 200 billionaires in California hold about $2 trillion in wealth, but the state’s other 19 million taxpayers pay a “much larger portion” of their true income — echoing policies of New York mayoral front-runner Zohran Mamdani.
“If we do not do this, millions of people are going to lose health care, an untold number of people will go without treatment and there will be tragedy after tragedy,” Dave Regan, president of SEIU-United Healthcare Workers West, said in a statement, according to Newsweek.
(Excerpt) Read more at nypost.com ...
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Then get packed. It’ll pass
SUCKERS!.................The Scorpion and the Frog................
Most of America’s problems would be solved if Californica would fall in the Pacific and take Oregon and Washington state with them.
I don’t see how this law is even close to being Constitutional. This is government going after those who are successful in order to give to those who either crossed the border illegally or live on the government dole. Blue states are in trouble financially so they go after the folks who work hard for what they have just to pay off their voters...the freeloaders.
“Then get packed. It’ll pass”
Do it before 2026.
The tate will also lose income tax unless the proposition fails and the billionaire returns.
Voting with one’s feet is going to be the only real choice in their “democracy”.
Rush warned us the day would come when the rats would pass a wealth tax. We have arrived.
California the new USSR
They should stay in CA nobody else wants them or try Minnesota.
Exactly what I was going to say. Why waste time waiting? If I had the opportunity to bet, I would have no problem betting $10,000 that it would pass.
Where have I heard that before?
Then they will bring their destructive leftist crap to other places. They vote for this awfulness and then leave. LOL
They deserve to stay and pay.
If they pass the law in November, and say that it is retroactive to January, but a billionaire moves to Tennessee in June, what is California going to do to make them pay? Seize any business assets remaining in California? Could get interesting.
If they get away with this in California, look for someone like Newsom, Harris, or AOC to try wealth confiscation on a national level. This will be the beginning of the end of our Republic. I hope to have spent all my own wealth and die before these scumbags get their grubby hands on it.
“Billionaires need to learn how to manage their loot a little bit better. Didn’t they vote for that?”
They did a lot more than just ‘vote’ for what they’re getting. They CREATED and FUNDED what they’re getting, and they’ll likely do it again wherever they move to. So like Putin, or hate him (as the Left wants you to do), he made it clear to the uber-wealthy in Russia that if they wanted to be left alone (i.e., not fall out of high-rises), they best STAY IN THEIR LANE (meaning stay out of politics)...and so people like the ones running California have no place there.
Remember - Elon Musk sold 11 Billion in stock and paid more taxes than anyone else ever has.
I doubt many billionaires need financial advice from us. This idea of a wealth tax is an old one. “Soak the rich” they used to call it. France tried it for awhile, with the predictable result. They repealed it fairly quickly as the capital drain became a flood.
I’m sorry. Musk PAID $11 billion in taxes.
I doubt it. They'll launder it into Pelosi's slush fund.
“The Congress shall have power to dispose of...the territory or other property of the United States”
ARTICLE IV, SECTION 3
Congress could by majority vote give most of California back to Mexico.
I suggest keeping Beverly Hills, Bel Air, Brentwood, Holmby Hills, Hancock Park, Piedmont, some of Berkley, Atherton, etc.
Much of western Washington & Oregon could be offered up to Canada. A Canadian court might give prime land back to the Indians.
Vote carefully leftists!
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