Armstrong Economics- $1 Trillion Flees California’s Billionaire Tax
The billionaire tax would require California residents worth over $1 billion to pay a one-time 5% fee on all assets, including unrealized gains.
Armstrong Economics- $1 Trillion Flees California’s Billionaire Tax
The billionaire tax would require California residents worth over $1 billion to pay a one-time 5% fee on all assets, including unrealized gains.
California is like an Ayn Rand novel come to life.
?
ye gawds.
do californicate democraps thing thats the only place in the world where people live?
did they REALLY think the tax grab would work?
so NOW theyre ‘scaring them away’ and possibly worse, scaring any from moving TO the state.
yo, newsom, STEEEEERIKE TWO !!!!
Things like this make me wonder if they can even do that. How can it be constitutional to seize 5% of a guy’s net worth? It’s unreasonable.
Although, I must say it will be quite fun to watch all the filthy rich of California flee to Texas or Florida. Big bowl of popcorn ready for that one.
More then that because they value stock on what it votes.
so if they have 3% of stock but control 100% they are up for 100% value of the company which could be more then they are worth. Add in the distrust that it may not be one Time and that at some future point they may shift who it applies to and I can see why people want to get out of there.
Oh yeah. They’re all going to leave, there’s no question.
Or, more likely, the Feds will get involved and put an end to it. You can’t let the biggest state economy in the USA be crashed by lunatics and scammers. How are you going to fight a war with all that going on?
The two original founders of Google are punching out for precisely this reason.
Wonder what the recidency requirements are for tax purposes?
It would be easy for any billionaire to buy a house in the lowest tax jurisdiction and declare it as their primary residence.
183 days per year?
But, but, but … some $Billionaires can’t wait to pay the tax.
https://www.cnbc.com/2026/01/07/nvidia-ceo-jensen-huang-perfectly-fine-with-proposed-billionaire-tax.html
Facepalm.
Obviously he’s going to say that, Kenji. Virtue must be signaled vigorously!
But I bet he moves anyway, and all his Nvidia bigwigs with him. In the dark of night, as it were. You can’t be giving up 5% of your company to the State of California, the shareholders won’t stand for it.
Agreed. Or he’s cut some deal with the Dem politicos … that in exchange for his happy horseshit story about being willing to … pay his fair share. They’ve agreed to some special creative accounting in exchange for his communist willingness … to … share.
L – The 19th. Century gold rush towards the bonanza that became synonymous with California. Well, now those with the gold are rushing away. I hear that even the Clampet family is packing up that Model T and heading back to Appalachia.
This rodeo was done in New Jerkski several years ago. The DimoKKKraps had a scheme that would generate 250 million, but because most rich are mobile, they lost 275 million
Just when you think they couldn’t be more stupid.
A “One-Time” tax is a bigger lie than a “Temporary” tax. You know absolutely for sure that they will come back for another bite at the apple. Not only that, they’ll be searching for ever smaller apples to feed upon.
No sympathy since the billionaires living there voted for Newscum and company.
“one-time”. God I love that word. “over $1 billion”. What a phrase.
Why this tax was so popular the first time, we decided to implement it again and we’re lowering the limit to $1 million so that … “more people have the opportunity to participate”.
We’re going to name the tax “nod & pay”.
I have – reluctantly – come to the conclusion that a significant fraction of the population, maybe half, cannot make the mental leap to link cause with effect. They simply cannot see obvious first order effects. Second order are unfathomable.
The founders of the USA limited the franchise to landowners, and at that only one vote per household. Heinlein suggested service in the armed forces as a prerequisite to voting. Perhaps it’s time to revisit the wisdom of such ideas.
Voting should be limited to net taxpayers or better still eliminate political parties , politicians, and elections and randomly draft citizens for a one time only 2 year term for all legislative chambers on a staggered schedule. They would be paid the average wage of the jurisdiction but every year they ran a deficit, they would all lose 10% retroactively. All legislation would expire after 5 years and have to be revisited and passed to continue. Democracies all end in despotism.
“$1 Trillion Flees California’s Billionaire Tax”
And just like that, Gavin Newsom hates the billionaire tax and promises to kill it:
https://www.nytimes.com/2026/01/13/us/newsom-billionaire-tax-california.html?unlocked_article_code=1.EFA.5UYh.aEe0x8QCvTT3&smid=url-share
Not only does California lose the asset tax from people that leave, they lose state income tax on them in perpetuity. And remember Florida, Texas, Nevada and a few more have no state income tax at all.