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CA's controversial wealth tax proposal leaves billionaires with little way out
- koolba 9mo agoFrom the article (emphasis mine): > The Billionaire Tax Act, which could be added to the state’s general election ballot in November, would impose a one-time tax of 5% on the total wealth of California tax residents whose net worth is $1 billion or more. While new taxes typically take effect after they’re approved, the proposed billionaire tax would apply to those who are California residents as of Jan. 1, 2026. I don't always predict the future, but I can assure you that if this passes, it will not be "one-time". The bill itself is a wild read too: https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20%28Billionaire%20Tax%20%29.pdf https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%2...
- andsoitis 9mo agoSince the vast majority of billionaire holdings is not in real estate (which is excluded from the tax capture), but is instead in equities - you'd have to liquidate in order to pay the cash. What are the second order effects of that?