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| Member |
If I understand, the tax of 5% applies to assets valued over one billion, as of January 1, 2026. The number of people affected Is about two hundred. Selectively taxing this TINY fraction of the population, especially for unrealized capital gains, strikes me as patently unfair, even frightening. If the masses can do this, it is within my imagination that the billion dollar ceiling can change to a million, putting the life savings of many retirees at risk. Those of you with legal experience, please give your opinions and analysis, especially Constitutional issues. No quarter .308/.223 | ||
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Member |
Aside from the issues of this tax, it's probably to make up for the last tax revenue given the mass exodus over the past 5 years. And won't be used for the benefit of the citizens but will be used to replenish the war chests of the criminally insane, morally bankrupt left. "Wrong does not cease to be wrong because the majority share in it." L.Tolstoy "A government is just a body of people, usually, notably, ungoverned." Shepherd Book | |||
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The Unmanned Writer |
You’re missing something, it will, if approved in Nov 2026, apply to anyone who was a resident on 31 Dec 2025 (11 months prior) with the tax based on unrealized wealth on 01 Jan 2026. It will be a retroactive tax based on something the "owner" of the wealth never had. Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. "If dogs don't go to Heaven, I want to go where they go" Will Rogers The definition of the words we used, carry a meaning of their own... | |||
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| Live Slow, Die Whenever  |
Good, fuck them. Anyone in this state worth over 10 million is probably a liberal. Like 98% chance. Take half their shit and see how they like it- since they are the ones who support the democratic uniparty in California. "I won't be wronged, I won't be insulted, and I won't be laid a hand on. I don't do these things to other people and I require the same from them." - John Wayne in "The Shootist" | |||
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Member |
The people with this kind of wealth have thousands of ways of protecting it from taxation by both the feds and the state governments. The Hollywood elite or perfect examples. Why do you think they never complained about taxes? _________________________ | |||
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| Member |
By the time the ultra wealthy fight this most will have all left the state. The amount they collect if any, be tiny. The amount they will have to spend to collect will be huge. | |||
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Member |
Billionaires have attorneys, accountants, tax experts and financial advisors. They have amassed fortunes without paying exorbitant taxes for years. That will continue with this law. IANAL but I suspect a retroactive law like this will be challenged in court. Millions in legal fees will save billions in taxes. In the end, CA will spend more than they reap. Let me help you out. Which way did you come in? | |||
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| As Extraordinary as Everyone Else  |
…and showcase what a fucked up state it is to a world wide audience. I can just imagine a couple of Billionaires getting on a zoom call to chip in a few million and set up the best constitutional law challenge money can buy and just burry the state and not think twice about it. ------------------ Eddie Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina | |||
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| Member |
Remember the parable of the goose that laid the golden egg? Of course we do. | |||
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| Member |
Washington States Constitution Bans Income Taxes But it's thinking about a Millionaires Tax. A coworker explained "The Problem is- There's too many billionaires". He mentioned there's 1000 billionaires in America. I told him I never worked for a poor person. ____________________________________________________ The butcher with the sharpest knife has the warmest heart. | |||
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| What is the soup du jour? |
You don’t get to be a billionaire by just groaning and paying new taxes. That’s what the lower middle and lower class does. What a complete waste of legislation. My guess is there’s some sort of rider in there to fuck the middle class harder, or pull money from somewhere they’re prohibited. The 5% billionaire tax is just a smoke screen. | |||
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Not quite right |
No billionaire here but we left that shithole in '22 for NV and never looked back; my wife lived there her entire life and I lived there 7/8ths of mine. Saved a butt ton on state tax, gas tax and cost of living since leaving. | |||
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Baroque Bloke |
When the US Income Tax was passed it was supposed to affect only a small percentage of working adults. Now it affects nearly all working adults. If that California bill passes same thing will eventually happen. Serious about crackers. | |||
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| Lawyers, Guns and Money  |
There are two issues here: 1. retroactive tax 2. unrealized gains Neither one of these will stand up in court, IMO. However, the retroactive tax aspect can be fixed by simply moving the effective date forward to after Nov 2026, so 2027 tax year. The truly scary aspect of this is taxing unrealized capital gains. The big "unintended" effect will be for many/most billionaires to move out of the state. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Member |
If you have a billion, and want good weather, sunshine, beaches, waves to ride, mountains to ski, wine to drink, you can just vacation in such locations. Why in the world would you choose to live in such an incredibly venal state? ------- Trying to simplify my life... | |||
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| No More Mr. Nice Guy |
Just the threat of maybe having this law is already affecting California. They may collect some money from a few people once, maybe. But they'll never collect another penny in any future year. Can the politicians there really be this stupid? | |||
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| Member |
It’s also a public vote not a bill passed by the legislature. I’m sure it was structured this way to give Gavin wiggle room and say he’s not for it but the people voted. ( I will assume it passes) I can’t imagine it passes legal muster but the commie judges in CA bless all kinds of weird stuff | |||
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Get Off My Lawn |
Yeah, sure, that'll show 'em. Once the billionaires leave and take their taxes and companies with them, then your state will go after millionaires, and when they leave, they go after the rest, including you. "I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965 | |||
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| Left-Handed, NOT Left-Winged! |
So every billionaire, who's wealth is largely due to stock holdings in companies they founded or work for, will have to sell 5% of their total holdings and give it to the government. That amount of traffic might affect the stock market negatively. This is a punitive tax, not a revenue tax, because it will not significantly affect their total tax revenue. | |||
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