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Posted on 01/13/2026 11:42:03 AM PST by Olog-hai
California Gov. Gavin Newsom acknowledged that the state’s proposed wealth tax is bad economics.
Newsom said he feels vindicated in opposing the proposed wealth tax after reports showed some of California’s wealthiest residents moving money and businesses out of the state, warning the measure would damage the economy and drive away investment.
“This is my fear,” Newsom said in a Politico interview on Monday. “It’s just what I warned against. It’s happening.”
“The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of … people questioning long-term commitments, medium-term commitments,” he continued. “That’s not what we need right now, at a time of so much uncertainty. Quite the contrary.”
While the initiative has not yet qualified for the November 2026 ballot, the proposed measure — backed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. …
(Excerpt) Read more at foxbusiness.com ...
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Sinking ship. And yet, I know lots of them will never leave.
Guy's a real rocket scientist.
He wanted to punish them, didn't he?
He and his brethren sent this ship out to sea years ago. Now they can reap the benefits of a citizenry that accepts government-sanctioned confiscation.
Millions of us (I’m not a billionaire) are stuck here due to jobs, families (multigenerational).
Personally I do not want to leave but we are being forced to do so by taxes, poor governance, crumbling infrastructure, crime, and mainly just high prices for everything. But it is not so easy when you have ties. Many of the tech guys were not born here so it is easy for them to depart.
What a lying sack of shit he is. Every socialist nightmare proposal in CA was either conceived by him or approved by him including this tax. Now he's back pedaling as fast as possible because this will sink his presidential ambitions.
It’s the gas retailers and refineries that compromise the clearer destiny.
The proposed language is retroactive to January 1 which is why billionaires could not afford to wait to see if it passed.
They had to bail before the New Year.
LOL first he did it, then he says “Oh darn it I saw this coming” dude is a freakin DISASTER in this state, he burned down cities in order to “Reimagine” it with low income housing, he murdered 13 people and he gets away with it because all he has to say is “I hate Trump” and they all clap like the idiots they are
Until the Allies arrived, though. Then when the Russians swarmed into Berlin, exacting retribution on Germans for what Germany had done to Russia, then Germans had second thoughts about their Führer. Except, by then, he was in South America.
welcome to the warmth of collectivism, Newscum.....
“While the initiative has not yet qualified for the November 2026 ballot”...
It many not even get qualified for the ballot and yet the richest are getting out while the getting is good.
This indicates to me, at least, that this is just the opportune excuse, they’ve been intending to leave for a while and this tax threat makes it go time.
Kind of puts you between a rock and a hard place does it? Tsk tsk
Ro Khanna seems at times to be among the few Democrats with a shred of sanity and some understanding of basic economics - and then he does something this colossally stupid.
Plus no-account, no accomplishment, Getty-money and family supported all the way in his “career.”
I HATE HATE HATE such people. I worked with so many brilliant, hard-working, highly successful, highly accomplished people in my career who fought their way up and earned every nickel they ever made. Unlike this stinking SOB.
Enjoy your Socialist paradise!
Same here, in the SF Bay Area. People on my block proudly fly the US flag and vote Republican. But tied down to the region. Lots of younger generation relatives moved to other states because of finances, including my kids (Iowa, Kansas, Texas). Others stayed because of availability of high paying jobs (6-figure jobs). Some came back for the same reason, jobs and resources not available elsewhere. California still has a lot of reasons for staying despite poor governance - successes happen despite lousy governance.
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