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 ...
The state might claim their stock in a company headquartered in California could get taxed even if incorporated in Texas.
After 2029 it will be Federal.
Stay put.
5%???!?
Pikers.
99% or nothing!
The quoted tax bills are only 0.71% of the META market cap for Zuckerberg and 0.17% of NVDA for Huang. It won’t have a significant or lasting impact on the stock prices.
That’s not a tax. It’s confiscation. It’s illegal, but they will get away with it because they call it a tax.
If the taxes they’ve paid over the past 50 years wasn’t enough to drive them out, I doubt they’re smart enough to leave now.
That ship has sailed. Clinton got retroactive increased tax rates passed in 1993.
Clownifornia. You can’t make this stuff up.
Dave Regan, Commie POS.
I don’t know about WA or CA, but OR got a lot of it’s degredation from NY operatives(D)
This is the historical reason that Democracies have always failed. A majority eventually discovers they can vote to plunder a minority.
It is the reason that our founders created a Republic. We have largely abandoned that structure in favor of a Socialist system and we are at the end-stage of that transition.
There are a great number of examples in our history as to how this evolves.
Two years later - one-time 6% tax
Another two years - one-time 10% tax
Another two years - one-time 15% tax
EVERYTHING the demonrats are involved with eats immense amounts of money and is “struggling”. EVERYTHING.
I’d be happy to sell my house to a billionaire for a fraction of what he could afford to pay.
On the other hand, he didn’t get to be a billionaire by paying generously ...
>>> a one-time 5% tax <<<
One time per year.
There is also the question of who decides what any given persons net worth is.
So then the Billsionares leave, isn’t the Middle Class set up to take the brunt of new taxation, to ‘save’ California?
SEIU IS ONE OF THE NASTIEST UNIONS IN THE WHOLE COUNTRY-—
STARTED OUT AS A JANITOR’S UNION-—MOSTLY HISPANIC ILLEGALS.
PRETTY SURE RETROACTIVE WOULD NOT PASS MUSTER
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