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Posted on 10/18/2026 10:26:22 PM PDT by E. Pluribus Unum
The billionaires’ attack on the wealth tax initiative shows why it’s needed.
As is the case with most election cycles, the claims and counterclaims about the ballot measures being voted on in California this time around are largely based on caricatures of the measures themselves.
That’s especially true of the highest-profile measure, Proposition 40 — the California billionaire tax.
What’s indisputable is that this is a “wealth tax.” It’s a one-time 5% levy on assets owned by Californians with more than $1 billion in net worth. That’s a departure from conventional state personal tax, which is levied on income such as wages and the proceeds from sales of stocks, bonds and other such financial assets.
Also indisputable is the scale of spending being mustered against the measure and its sources, which are mostly billionaires expecting to be charged the tax.
The leading contributor, as my colleague Queenie Wong has reported, is Google co-founder Sergey Brin, who claims to have moved out of the state, which might enable him to avoid the tax. Brin has contributed $102 million to Building a Better California, the group bankrolling two ballot countermeasures that would nullify Proposition 40 even if it garners a majority of votes.
Brin might even view his spending as value for money, since with a net worth estimated at $281 billion as of this week, according to the Bloomberg Billionaires Index, he could be liable for as much as $14 billion in wealth tax if he’s judged to have been a California resident as of last Jan. 1, leaving him with a mere $267 billion.
That pretty much exhausts the points of agreement between the pro- and anti-Proposition 40...
(Excerpt) Read more at latimes.com ...
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This corpulent clown is a "Business Columnist" who thinks billionaires have piles of unused money just lying around, waiting to be spent on Escalades, bling and hoes.
Billionaires are billionaires because they produce things with their billions of dollars.
The only way they will be able to pay the tax is by liquidating investments, and liquidations of this magnitude would wreak havoc.
Karl Marx is smiling.
Out of control government is out of control.
The Chandler family owned and controlled the LA Times for 118 years, from 1884 until 2000. In 2000, they sold their parent company, Times Mirror Co., to Tribune Co. for $8.3 billion.
> It’s a one-time 5% levy… <
The author is either a fool or a propagandist. Perhaps it’s both. If this measure passes, the door will be wide open. Eventually the levy will be neither one-time nor 5%.
It’s a one-time 5% levy on assets
The top 5% of earners in our Republic pay close to 65% of income taxes overall...pure commie B.S.
The top 5% of earners in our Republic pay close to 65% of income taxes overall...pure commie B.S.
The top 5% of earners in our Republic pay close to 65% of income taxes overall...pure commie B.S.
The top 5% of earners in our Republic pay close to 65% of income taxes overall...pure commie B.S.
> It’s a one-time 5% levy… <
Sure it’s only one time. Only one time per year.
That should clear things up 👍
I’m predicting right now that this “kill the goose that lays golden eggs” Proposition 40 will pass, Stupidity abounds.
Yup.
Colorado is voting on a "graduated" tax as well. It will undermine the State constitution, The Taxpayer Bill of Rights (TABOR).
The commies want to get their sticky fingers on everything. They want to tax everyone on unrealized capital gains. Small investors will need to liquidate just to pay taxes. Then, they'll go after 401ks and IRAs.
We must vote.
The modern federal income tax started off as a 1% tax on the top 1% earners.
How much does Greasy pay? Does he deduct his skid marked skivvies like the Clintons did?
I support this tax. In California. The more blue states raise taxes the more jobs come to red states.
5% per year times 20 years doesn’t leave much over. Who are the politicians going to loot then?
So, what if it’s fearmongering it’s their freaking money. They made it, it’s not your greedy people proposing this tax to take it from them. That’s all the Democrats want is TO TAX TAX TAX you into the poor house. They play on envy.
This will be a lawyers heaven.
Is it constitutional?
Who determines one’s “wealth”?
Is a piece of paper stock really worth anything if it is not sold?
Which day is this “wealth” determined on?
Is property valued at assessed value or appraised value?
Can Judge Engoron be used as the appraiser?
How are trusts and LLCs handled?
These are the things the hobos selling their vote for $2 will never consider.
EC
This is a Second Amendment worthy type of problem.
Instead of funding ads, the billionaires should just hire their own mercenaries.
I note that some of the citizenry in revolutionary war times had cannons so artillery is not out of the question here.
$100B - 5% per year for 20 years leaves 35.85% of the original principle, assuming a static principle amount. That’s a 64.59% reduction.
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