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 ...
“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.”
No sane person would take that risk.
Say goodbye to the neighbors and get out by December 31st.
Send Newsom a postcard.
“Most of America’s problems would be solved if Californica would fall in the Pacific and take Oregon and Washington state with them.”
That is one of the great truths of the universe.
“what is California going to do to make them pay?”
Other states must generally enforce the decision of another state’s court.
Yes, it will pass AND it will be retroactive to Jan. 1, 2026 ... so I would assume they should vamoose before Dec. 31, 2025 if they want to avoid the so called “One Time” tax.
And everyone who is not a billionaire will vote YES.
It is always for healthcare and education. The state doesn’t control the costs of either and does a poor job of education.
How much would they save if they didn’t provide both to illegals?
one-time
ONE TIME.
makes it onto the ballot next year.
“The Congress shall have power...To exercise exclusive legislation in all cases whatsoever, over such district....as may, by cession of particular states..., and to exercise like authority over places purchased by the consent of the legislature of the state...for the erection of forts...”
ARTICLE I, SECTION 8
“The Congress shall have power to dispose of...the territory or other property of the United States”
ARTICLE IV, SECTION 3
Congress might by simply majority vote make say Eglin Air Force Base an independent country.
The country could be made fully independent, with income and real property taxation forever prohibited (or taxation permanently & simply restricted to sales taxation of non-essential stuff). No sitting federal judge would have any say in its administration. A treaty could require it to be forever free of any foreign military presence.
It’s not constitutional. The 14th amendment guarantees equal protection under the law.
one-time 5% tax? Bet it ends up every year 5%!
People and their resources are a fungible commodity. Where they choose to live and how much they hold in wealth is none of our business.
Lesperance said he tells his billionaire clients to think of the US as a “political wildfire zone.”
“They will be long gone before the fire starts licking at their front door,” he said.
Boston tea party was one.
“California’s richest residents could be slapped with a one-time 5% tax on their net worth”
It’s just a “one time” tax. ha ha
Also think what this will do to the price of the stocks of NVDA and META when those two have to sell billions worth of shares to raise the money to pay the taxes.
So anyone who holds shares in those companies will lose a bundle as well.
Is it possible to get a competing proposition on the ballot to create an annual 20% wealth tax on all CA politicians?
Tuco’s Law: don’t plot, do it!
Sure, only one time ….. this year, and then one time next year, and the next ……
I’m wondering how close this comes to being a bill of attainder.
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