Posted on 01/11/2026 3:28:48 PM PST by SmokingJoe
We’ve spent many an article bringing you the foibles of California. Gov. Gavin Newsom and his Democrat supermajority (there are currently 90 Democrats running Sacramento's legislature, with only 30 Republicans) have brought high taxes, crime, homelessness, rampant illegal immigration, and (in)affordability. These are just a few of the issues they have faceplanted on, turning the state that was not so long ago a place where people once dreamed of living into a laughingstock.
heir latest boneheaded proposition is to further tax billionaires, who already pay a massive share of the state's revenue. Whether or not you like really, really rich people, you might want to be nice to them if you’re running a state, because in Cali, the top one percent of earners pay over 39% of all income taxes.
Enter the proposed 2026 California Billionaire Tax, which would slap on a one-time five percent tax on individuals with a net worth exceeding $1 billion. Although it is only a proposal at this point and has not been made into law, it’s spooked high-net-worth individuals enough so that many of them are getting out of Dodge. They’ve seen this movie before in California.
Entrepreneur Chamath Palihapitiya wrote on X Sunday that the money is leaving the state at a record pace:
Unfortunate update as of today:
More calls from friends. The total wealth that has left California is now $1T.
We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue… https://t.co/IQZFieRgL7 — Chamath Palihapitiya (@chamath) January 11, 2026 His tweet continues:
(Excerpt) Read more at redstate.com ...
We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue
What’s you good idea now, Newscum?
Although it is only a proposal at this point and has not been made into law, it’s spooked high-net-worth individuals enough so that many of them are getting out of Dodge.
Where did they relocate to?
It’s never one time.
The billionaires created this, for personal advantage. Now, they have to live with it.
They ran too soon. Now they won’t be able to be among the first to ride on the California High-Speed Rail (CAHSR)
220 mph train. On its way to completion since 2008.
Maybe their grandchildren can get tickets for the initial run.
Larry Page, who represents a big chunk of the aforementioned wealth, moved to Florida.
They know the prop will pass so they are out.
It’s a good thing for Newsome that Democrats pick their nominees based on soundbites and false narratives, not performance.
Tax the illegals. From their professional and other contributions that are bragged about by apologists.
On the other hand, cost of the illegals (several different estimates)
One——
net annual cost of at least $150.7 billion in the US.
Benefits and costs included (e.g., K-12 education, emergency healthcare, public goods like police/fire services).
Florida is a very nice place to live at.
Newsom has rich friends, he should know better. They already have homes all over the world and move around at will.
Tax the DEAD!
I remember Rush talking about avoiding New York even just for a day. He said you could get pulled in for a state tax audit under the guise that you were there for work and subject to taxation by the state.
30+ years ago we talked about CA would eventually be run very wealthy Communist and their low wage servants. The corrupt running government had no need for a middle class. They viewed them as heavy luggage, demanding greedy white people who ask too many difficult questions.
CA then started counting on things like tourism for tax dollars. Counting on Uncle Jackup and Aunt Hogjaw from places like Hacksaw Arkansas to spend big bucks there. Paying to gawk at the American hating sick kinky perverts parade around on red carpet..blap!
Now the billionaires are leaving, next they’ll go after the millionaires, and later after the thousandaires.
NEWSCUM screws EVERYTHING UP
See post 17.
maybe they’ll just build a wall to keep them in ...
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