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Started By
Message
California- proposed wealth tax is already pushing the state toward disaster.
Posted on 1/15/26 at 7:14 am
Posted on 1/15/26 at 7:14 am
Not that it wasn't already headed to financial disaster, but this accelerates it.
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a private poll was conducted amongst affected individuals a few days ago and 80-90% surveyed said they have already left CA in 2025 or will leave in 2026 if the ballot measure looks likely to pass.
$2-2.5T of assets gone, representing about $20B of annual revenue for the state government. and likely hundreds of thousands of jobs now at risk.
14
Posted on 1/15/26 at 7:17 am to TrueTiger
Everyone knows the real grab is the 170tril in middle class assests
So they dont really care if a few billionaires leave
Its stunning that the Tech Bros cant get one of their own to win Gov
So they dont really care if a few billionaires leave
Its stunning that the Tech Bros cant get one of their own to win Gov
Posted on 1/15/26 at 7:20 am to TrueTiger
They want land. They want to emulate what is happening in NYC- take private homes, condos, and apartments, and turn them into “community owned” properties.
Posted on 1/15/26 at 7:23 am to SDVTiger
"wealth tax" is nomenclature similar to "collateral damage".
Its not a "tax" its a seizure of assets Zimbabwe style. I dont think this would ever pass muster if it gets to the Supreme Court.
Its not a "tax" its a seizure of assets Zimbabwe style. I dont think this would ever pass muster if it gets to the Supreme Court.
Posted on 1/15/26 at 7:31 am to Placekicker
Latinos are going to be the biggest majority there again so Trump better get Central America and South America handled or the Southwest will need to be retaken again
Posted on 1/15/26 at 7:43 am to TrueTiger
California is a welfare state.
Posted on 1/15/26 at 7:51 am to TrueTiger
This is what happens in Socialism/Communism. When you tax the rich until they are not rich anymore, you have no one left to tax.
Posted on 1/15/26 at 7:59 am to TrueTiger
Isn't even Newsom against this? This passes and almost every Silicon Valley entity is going to move.
Posted on 1/15/26 at 8:11 am to SDVTiger
quote:
Everyone knows the real grab is the 170tril in middle class assests
The first income tax was limited to the very rich and look what happened after that.
Posted on 1/15/26 at 8:15 am to TrueTiger
And I'm sure most of those idiots will continue to vote Dem when they move to a red state with more advantageous tax codes.
Posted on 1/15/26 at 8:41 am to TrueTiger
quote:
The poorly drafted initiative creates many scenarios in which tax liability would be vastly more than 5 percent of net worth, but this analysis focuses on six of them:
1. Valuation can be based on voting interests in a company when they exceed actual economic stakes.
2. Assessment rules for privately held businesses can substantially overvalue them.
3. Draconian underpayment penalties for taxpayers and potentially ruinous penalties for their appraisers encourage substantial overstatement of the value of privately held businesses to avoid a dispute with tax authorities.
4. Presumptive drafting errors on anti-avoidance rules result in taxing significantly more than the amount of the transfers.
5. Provisions regarding spousal assets and indebtedness to relatives would tax a nonresident spouse’s assets and, in the event of a divorce, would tax the California resident on formerly held assets that had been obligated to the ex-spouse in a divorce settlement.
6. Deferral regimes have eligibility limitations and impose additional costs, and run the risk of taxing wealth that might no longer exist.
Tax Foundation Article
This is disaster fuel policy and just a trojan horse to impose this on everyone. Be interesting to watch this play out.
This post was edited on 1/15/26 at 8:49 am
Posted on 1/15/26 at 8:47 am to SDVTiger
This. They arent stupid enough (the elites, I mean) to believe soaking the rich will pay for all of their pipe dreams, but like Democrats often do, they create a budget problem by running off a huge swath of the tax base, then come after the middle class because "they have no choice".
womp womp
womp womp
Posted on 1/15/26 at 8:54 am to dgnx6
quote:
California is a welfare state.
I hate CA politics but this couldn’t be further from the truth.
It’s the wealthiest state in the country by a large margin and has the highest household income out of all 50 states. Those aren’t the characteristics of a welfare state.
Posted on 1/15/26 at 9:08 am to JasonDBlaha
Charles Schwab Company left SF and took their 10,000 jobs to Texas.
Posted on 1/15/26 at 9:11 am to West Seattle Dude
The TWA 747 that blew up leaving NYC continued climbing for 1,000 ft after the explosion. California has already detonated. Will witness how long it take for it to go nose first into the dirt.
Rodo
Rodo
Posted on 1/15/26 at 9:12 am to Placekicker
quote:
They want land. They want to emulate what is happening in NYC- take private homes, condos, and apartments, and turn them into “community owned” properties.
Even if they have to burn it all down first as in Pacific Palisades.
Posted on 1/15/26 at 9:13 am to TrueTiger
Newsome is a nightmare but even he knows this would remove more than a trillion in wealth from the state once all is said and done. He will do something to stop the proposal from going through. What pisses Newsome off more it that these guys are moving their wealth to Texas and Tennessee.
Damage is done though. I can't see most of the people coming back that left this past few months. They know if it isn't this proposal, it will be one a year from now or the next. And the way these tax laws work, the more time between when you leave and when they eventually propose a tax, the better it is for the tax payer. Retroactively assessing tax is a thing but the state loses a lot of leverage the further back they try to retroactively apply it.
Damage is done though. I can't see most of the people coming back that left this past few months. They know if it isn't this proposal, it will be one a year from now or the next. And the way these tax laws work, the more time between when you leave and when they eventually propose a tax, the better it is for the tax payer. Retroactively assessing tax is a thing but the state loses a lot of leverage the further back they try to retroactively apply it.
Posted on 1/15/26 at 9:13 am to JasonDBlaha
quote:
has the highest household income out of all 50 states
Do you know what cost of living is?
Posted on 1/15/26 at 9:22 am to TrueTiger
It's Trump's Fault
Signed Gavin Newsome
Signed Gavin Newsome
Posted on 1/15/26 at 9:54 am to Auburn1968
quote:
The first income tax was limited to the very rich and look what happened after that.
The people pushing for this insist that its a one time thing. No one believes them, though, and with good reason.
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