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CA wants a 5% tax on net worth of billionaires.

Bendintheriver
Bendintheriver Member Posts: 7,154 Standard Supporter
in Tug Tavern

There are 200 billionaires in CA, or so they say. Off the top of my head I believe that is around 300 Million dollars per billionaire if their total net worths are as estimated at 1.2 Trillion dollars.

No mention out of Sacramento whether they are considering any kind of cuts to their spending. They are already about 50 billion under water on their retirement plans that they gave themselves and forced on the private sector taxpayers.

It will take 800,000 signatures to put this on the ballot. They will get those signatures in about a week.

It goes to show you that the prognosticators over the last century or so were right. When the irresponsible socialists run out of money, they come after yours.

Union backs California proposal for one-time 5% billionaire tax | Fox Business

California billionaires face proposed one-time wealth tax

The measure – called the "2026 Billionaire Tax Act" – seeks to counter $30 billion in potential federal funding cuts to California's Medicaid program, with a portion of the revenue earmarked for public education, according to supporters, which include the Service Employees International Union (SEIU).

Proponents of the measure sent a request to the California Attorney General’s Office on Oct. 21 to get approval to begin collecting signatures.

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