>Supporters of the measure say they’ve accumulated more than 1.5 million signatures, topping the 875,000 required to make the ballot
Dirtydomiiii on
Cue the ‘all billionaires will leave California’ comments. People say this every time, yet they stay for the talent pool, the climate, and the massive market. If you benefit this much from the state’s infrastructure, it’s only fair you actually help sustain it
Head-Delay-763 on
Billionaires should really be supporting this. The wealth disparity right now is worse than it was immediately preceding the French revolution
Veretydrevo on
it does not matter if it passes or not because the people this targets already have their bags packed and one foot in austin. we are just voting on which empty office buildings we want to look at in five years.
Veretydrevo on
it does not matter if it passes or not because the people this targets already have their bags packed and one foot in austin. we are just voting on which empty office buildings we want to look at in five years.
hypermodernvoid on
Taxing the ultra-rich is a no brainer issue for Dems that want to win handily to run on (along with investing in things like healthcare, education and infrastructure; ensuring the Epstein files are *fully* released, *actually* not starting wars, etc.) – the era where Republicans had tons of people convinced and almost trained like seals raising taxes on *anyone*, including the ultra-wealthy, because it’s “communism” and maybe you could be a multi-millionaire too someday, are long over.
This is especially because the richest 500 families in America – so basically billionaires and their relatives – officially began paying a lower effective tax rate than the *poorest half of Americans* (and the vast majority overall) in 2018, after Trump’s *first* tax cuts in 2018, and that’s just on average: many of the wealthiest pay effectively none or even get money via government subsidies. Either way, this means billionaires and multi-millionaires literally pay a lower tax rate than teachers, nurses, firefighters, cashiers, etc., do and have a for a while.
On top of that, the cost of living across the board has reached such crisis levels to the point that plenty of “middle class” households are still scraping by, that I think people are just understanding at a visceral level when they see headlines about Bezos $250 million wedding or going to space, who’s raking it in and taking all that money people seemed to have a lot more of back in the day outside of survival: like you know, when the average first time homebuyer wasn’t 40+ years old.
CurrentElectrical736 on
Unfair to affluent people.
FantasticJacket7 on
I just would much rather pass a permanent change to the tax structure instead of a one time payment.
This doesn’t seem like it actually solves anything.
Current_Animator7546 on
Good stuff. Finally some good news.
flippingisfun on
And the governor to veto it, can’t wait for the excuses
prosfromdover on
This law seems designed fail IMO or just piss a lot of people off. A one-time 5% tax? What we need is the Norway wealth tax model on net assets, implemented nation-wide, perhaps combined with our own 1950’s tax structure (when American was “great”).
Typical_Intention996 on
Hope it passes.
Meanwhile I hope this one goes down in flames but I’m worried it’ll pass because there’s so many greedy old farts in this state. Damn baby boomers still trying every way they can to screw over everyone that comes after them.
Yup the billionaire tax gonna tax that ass, let them move to Alabama if they want to. California creates billionaires. The proposed California 2026 “billionaire tax” has sparked intense debate, with some viewing it as a long-overdue mechanism to ensure the wealthiest pay their fair share, while others warn it could drive away top talent and capital
Rugfun on
Where is the “Stop California Fraud” bill? I love how THE POLITICIANS of FRAUD, manage to re-direct mismanagement to the entrepreneurial class. California has a Quarter Trillion in outstanding fraud. And the POLITICIANS ARE SILENT!!! Newsom and Pelosi and Schiff…..”What fraud?”, they say. THE BILL: Simply Put. If fraud in your district, city, or state, exceeds 2.5% of your gross revenue—-THEN YOU’RE OUT!!!! Congressman, Governor, Mayor—you’re gone!!!! Because you had to KNOW! Where is that Bill? You won’t see it because the people in my state (CA), are toooo stupid, too naive, and tooo Liberal, to figure out that the POLITICAL CLASS is the enemy ALL DAY AND EVERYDAY!!!!!
Put3socks-in-it on
When this passes and inevitably fails to generate the expected results, what will be the excuse then? Where will the goal posts be moved to?
Kind_Way2176 on
I got offered this job. 15 bucks a sig is unheard of. Couldn’t take it tho
Few_Employment_7876 on
And the threat is that the Billionaires will move to Texas. A hell hole of conservatism (Except Austin).
Extension-Cut-9586 on
200 billionaires vs millions of people needing healthcare… and somehow this is ‘controversial’ “if they can afford to leave over a 5% one-time tax, that kinda proves the point
Competitive_Cup_8497 on
the fact billionaires are already funding opposition campaigns says they’re taking this very seriously
verbwoke on
~~”Billionaires will just leave if you tax them”~~ “If you make me pay rent, I’ll find another place to live”. Its an empty threat.
My question is always, where would they go? Europe – where taxes are much higher? China – where the state extracts massive concessions? Russia – where you get tossed out a window?
BeauShowTV on
Good luck keeping them in your state.
Zero_Fs_given on
Virtue signaling prop that doesnt solve anything.
biasednotshyaboutit on
The law of unintended consequences. The billionaire class will somehow find a workaround.
23 Comments
From the article:
>Supporters of the measure say they’ve accumulated more than 1.5 million signatures, topping the 875,000 required to make the ballot
Cue the ‘all billionaires will leave California’ comments. People say this every time, yet they stay for the talent pool, the climate, and the massive market. If you benefit this much from the state’s infrastructure, it’s only fair you actually help sustain it
Billionaires should really be supporting this. The wealth disparity right now is worse than it was immediately preceding the French revolution
it does not matter if it passes or not because the people this targets already have their bags packed and one foot in austin. we are just voting on which empty office buildings we want to look at in five years.
it does not matter if it passes or not because the people this targets already have their bags packed and one foot in austin. we are just voting on which empty office buildings we want to look at in five years.
Taxing the ultra-rich is a no brainer issue for Dems that want to win handily to run on (along with investing in things like healthcare, education and infrastructure; ensuring the Epstein files are *fully* released, *actually* not starting wars, etc.) – the era where Republicans had tons of people convinced and almost trained like seals raising taxes on *anyone*, including the ultra-wealthy, because it’s “communism” and maybe you could be a multi-millionaire too someday, are long over.
This is especially because the richest 500 families in America – so basically billionaires and their relatives – officially began paying a lower effective tax rate than the *poorest half of Americans* (and the vast majority overall) in 2018, after Trump’s *first* tax cuts in 2018, and that’s just on average: many of the wealthiest pay effectively none or even get money via government subsidies. Either way, this means billionaires and multi-millionaires literally pay a lower tax rate than teachers, nurses, firefighters, cashiers, etc., do and have a for a while.
On top of that, the cost of living across the board has reached such crisis levels to the point that plenty of “middle class” households are still scraping by, that I think people are just understanding at a visceral level when they see headlines about Bezos $250 million wedding or going to space, who’s raking it in and taking all that money people seemed to have a lot more of back in the day outside of survival: like you know, when the average first time homebuyer wasn’t 40+ years old.
Unfair to affluent people.
I just would much rather pass a permanent change to the tax structure instead of a one time payment.
This doesn’t seem like it actually solves anything.
Good stuff. Finally some good news.
And the governor to veto it, can’t wait for the excuses
This law seems designed fail IMO or just piss a lot of people off. A one-time 5% tax? What we need is the Norway wealth tax model on net assets, implemented nation-wide, perhaps combined with our own 1950’s tax structure (when American was “great”).
Hope it passes.
Meanwhile I hope this one goes down in flames but I’m worried it’ll pass because there’s so many greedy old farts in this state. Damn baby boomers still trying every way they can to screw over everyone that comes after them.
[https://ballotpedia.org/California_Property_Tax_Exemption_for_Elderly_Residents_Initiative_(2026)](https://ballotpedia.org/California_Property_Tax_Exemption_for_Elderly_Residents_Initiative_(2026))
Yup the billionaire tax gonna tax that ass, let them move to Alabama if they want to. California creates billionaires. The proposed California 2026 “billionaire tax” has sparked intense debate, with some viewing it as a long-overdue mechanism to ensure the wealthiest pay their fair share, while others warn it could drive away top talent and capital
Where is the “Stop California Fraud” bill? I love how THE POLITICIANS of FRAUD, manage to re-direct mismanagement to the entrepreneurial class. California has a Quarter Trillion in outstanding fraud. And the POLITICIANS ARE SILENT!!! Newsom and Pelosi and Schiff…..”What fraud?”, they say. THE BILL: Simply Put. If fraud in your district, city, or state, exceeds 2.5% of your gross revenue—-THEN YOU’RE OUT!!!! Congressman, Governor, Mayor—you’re gone!!!! Because you had to KNOW! Where is that Bill? You won’t see it because the people in my state (CA), are toooo stupid, too naive, and tooo Liberal, to figure out that the POLITICAL CLASS is the enemy ALL DAY AND EVERYDAY!!!!!
When this passes and inevitably fails to generate the expected results, what will be the excuse then? Where will the goal posts be moved to?
I got offered this job. 15 bucks a sig is unheard of. Couldn’t take it tho
And the threat is that the Billionaires will move to Texas. A hell hole of conservatism (Except Austin).
200 billionaires vs millions of people needing healthcare… and somehow this is ‘controversial’ “if they can afford to leave over a 5% one-time tax, that kinda proves the point
the fact billionaires are already funding opposition campaigns says they’re taking this very seriously
~~”Billionaires will just leave if you tax them”~~ “If you make me pay rent, I’ll find another place to live”. Its an empty threat.
My question is always, where would they go? Europe – where taxes are much higher? China – where the state extracts massive concessions? Russia – where you get tossed out a window?
Good luck keeping them in your state.
Virtue signaling prop that doesnt solve anything.
The law of unintended consequences. The billionaire class will somehow find a workaround.