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California Shows How To Lose $1 Trillion Without Even Trying
Posted on 1/12/26 at 11:35 am
Posted on 1/12/26 at 11:35 am
California Shows How To Lose $1 Trillion Without Even Trying
The Billionaire Tax Act isn’t even officially on the California ballot yet, but that hasn’t stopped businessmen, entrepreneurs, and investors from fleeing the state, taking $1 trillion in wealth – along with jobs and opportunity – with them.
Tech entrepreneur Chamath Palihapitiya has been keeping track of who’s decided to leave the state in advance of this “temporary” tax.
“We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left – taking their income tax revenue, sales tax revenue, real estate tax revenue, and all their staffs (and their salaries and income taxes) with them,” he posted on X this weekend.
“In other words, by starting this ill-conceived attempt at an asset tax, the California budget deficit will explode. And we still don’t know if the tax will even make the ballot.”
LINK
The Billionaire Tax Act isn’t even officially on the California ballot yet, but that hasn’t stopped businessmen, entrepreneurs, and investors from fleeing the state, taking $1 trillion in wealth – along with jobs and opportunity – with them.
Tech entrepreneur Chamath Palihapitiya has been keeping track of who’s decided to leave the state in advance of this “temporary” tax.
“We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left – taking their income tax revenue, sales tax revenue, real estate tax revenue, and all their staffs (and their salaries and income taxes) with them,” he posted on X this weekend.
“In other words, by starting this ill-conceived attempt at an asset tax, the California budget deficit will explode. And we still don’t know if the tax will even make the ballot.”
LINK
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Posted on 1/12/26 at 11:37 am to djmed
Can't wait for the fight when they try to make it retroactive
Posted on 1/12/26 at 11:38 am to djmed
California is a model state for progressive policies and their outcomes, why are other politicians so keen on trying to replicate them?
Posted on 1/12/26 at 11:39 am to djmed
It will probably be found in some offshore bank accounts.
Posted on 1/12/26 at 11:41 am to Ailsa
Clearly, the solution is to force all states to charge this tax so that billionaires won't be able to shirk their obligations by moving...
Posted on 1/12/26 at 11:42 am to bad93ex
Loading Twitter/X Embed...
If tweet fails to load, click here. Literally Treason
“They create an entity to use government dollars, taxpayer dollars, to do something that the federal government isn't allowed to do a shadow government operation that really has been used recently to undermine our country's national security”
“We have stopped all grant funding that's being abused by NGOs to facilitate illegal immigration into this country, so it's amazing to me the hundreds of millions of dollars that have been spent by the federal government that has been sent to NGOs to facilitate this invasion of our country.”
“They're not just operating in the United States; they're operating outside of the United States to help make it easier for those who want to break our laws.”
Posted on 1/12/26 at 11:46 am to Jax-Tiger
quote:
shirk their obligations
good lord. 
Posted on 1/12/26 at 11:46 am to djmed
quote:
California Shows How To STEAL $1 Trillion Without Even Trying
FIFY
Also, we all need to be prepared to fight when California requests money from the Federal Government to meet its “financial obligations.”
As a Texan, I refuse to pay for their incapable government
Posted on 1/12/26 at 11:51 am to udtiger
quote:
Can't wait for the fight when they try to make it retroactive
Or when they fail and then use it as an excuse to come after unrealized gains in 401k plans. You know, because people with any kind of 401k plan must be filthy rich and need to pay their fair share.
Posted on 1/12/26 at 11:53 am to djmed
Why did California's GDP grow faster than the national average last year?
Posted on 1/12/26 at 11:59 am to djmed
I hope they all flee
That said, arent they likely to keep their mansions and just live elsewhere >50% of the time? They would still pay real estate taxes
That said, arent they likely to keep their mansions and just live elsewhere >50% of the time? They would still pay real estate taxes
Posted on 1/12/26 at 12:14 pm to RedStickFox
quote:
Why did California's GDP grow faster than the national average last year?
Silicon Valley. What’s the relevance to a trillion leaving the state as a result of this proposal? Unless you realize those that created the growth are the same that are leaving. This should make you very mad.
This post was edited on 1/12/26 at 12:16 pm
Posted on 1/12/26 at 12:19 pm to djmed
What the left does not want to understand is that billionaires don't just sit on their money.
They spend it on fancy restaurants, expensive cars, big houses, designer clothes, lawn maintenance, etc..
All these businesses employ thousands of workers. What the left wants is to take the billionaire's disposable income, put all those companies out of business and put all those workers on public assistance.
They spend it on fancy restaurants, expensive cars, big houses, designer clothes, lawn maintenance, etc..
All these businesses employ thousands of workers. What the left wants is to take the billionaire's disposable income, put all those companies out of business and put all those workers on public assistance.
Posted on 1/12/26 at 12:21 pm to djmed
quote:
“We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left
lulz
Yet he thinks he'll be a contender for POTUS
Posted on 1/12/26 at 12:26 pm to udtiger
quote:
Can't wait for the fight when they try to make it retroactive
They are. If it passes at some point in the future, it's retro active to January 1, 2026. That's why they all left before that date, just in case.
Posted on 1/12/26 at 12:27 pm to udtiger
quote:
Can't wait for the fight when they try to make it retroactive
If you're no longer in state, there's not a damn thing they can do about it.
Posted on 1/12/26 at 12:28 pm to bad93ex
quote:
California is a model state for progressive policies and their outcomes, why are other politicians so keen on trying to replicate them?
They think we all want to be like California.
Some dude stepping over homeless people’s shite in San Francisco laughs at you fly over plebs.
Posted on 1/12/26 at 12:28 pm to 1BIGTigerFan
quote:
quote:
Can't wait for the fight when they try to make it retroactive
They are. If it passes at some point in the future, it's retro active to January 1, 2026. That's why they all left before that date, just in case.
My understanding is they're trying to claw back to 2025
Posted on 1/12/26 at 1:05 pm to RedStickFox
quote:
Why did California's GDP grow faster than the national average last year?
Because people are willing to stomach a lot of the progressive BS to make $400k a year in their 20s working for a FAANG.
Remember CA has more Republicans than just about any other state
Posted on 1/12/26 at 1:40 pm to chity
quote:
What the left wants is to take the billionaire's disposable income, put all those companies out of business and put all those workers on public assistance.
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