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 ...
Supporters estimate the tax will raise up to $100 billion in revenue over five years.
Yeah, they like cheap labor and shipping jobs out of country. The people that remain now want their stuff.
Just a question, how is a property tax different than a wealth tax?
“Their condo in Florida had a mortgage that stated the condo was a second home. “
That is where they screwed up.......
Well there’s a surprise. Who ever would have imagined.
New England and NYC need to go with it.
NYS made Rush’s life a living hell for years, and maybe decades, when he moved to FL.
California to billionaires:
“You can check-out any time you like
But you can never leave!”
You bet.
If you leave NY, take everything when you go.
Leave nothing behind.
If you visit for any reason, document everything you do, every penny you spend.
Unless you’re an illegal, then...whatever.
They deserve it if they don’t leave now.
I know a few folks who will be excreting bricks when they find out about this.
And none of them are rich.
What these lefties do no seem to understand is billionaires and their vast wealth are portable.
They are able to hire the best lawyers and financial advisers to hide their wealth from money grabbers like Newsom.
These hypocrites support Gavin Newsom and his destructive policies:
“Mark Zuckerberg, through the Chan Zuckerberg Initiative, has supported causes aligned with California Governor Gavin Newsom, including a $750,000 donation by Priscilla Chan to fight the effort to recall him.”
“Nvidia CEO Jensen Huang has been a key partner in supporting California Governor Gavin Newsom’s initiatives.”
Wealthy folks prefer to bribe politicians to get what they want.
If that does not work they bail.
Welfare Fraud in Newsom’s California is Exponentially Worse Than Walz’s Minnesota: DeMaio
"DeMaio argues that national media outlets have failed to report adequately on what he characterized as a major scandal involving California’s unemployment system.
According to DeMaio, Newsom’s administration allowed tens of billions of dollars in fraudulent payments to be issued, with financial consequences now falling on employers across the state."
https://www.lifezette.com/2025/12/welfare-fraud-in-newsoms-california-is-exponentially-worse-than-walzs-minnesota-demaio-watch/?utm_source=revolver
https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20%28Billionaire%20Tax%20%29.pdf
This is a ghastly piece of legislation.
But let’s be serious: bllionaires likely have a residence outside of Cali. All they need to do is change their residency and they’ve dodged the bullet.
Check out page 11 of 32. The “Franchise Tax Board” can basically audit the snot out of anyone who they “reasonably believe” should pay.
Thus, some bureaucrat can audit FR.
Rush had a helluva time when he left NY...............
I think moving won’t matter. Doesn’t CA still get their money anyway despite state of residence if the person(s) used to live in CA?
Property tax is a tax on your homes assessed value. It can also be a tax on your car.
A wealth tax is a tax on your total assets. Maybe that also includes one’s home. I don’t know.
This why Kalshi was invented, gonna go check it out and see if it's there
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