Maroon Dawn said:

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Exactly my thoughts. None of these guys have a Scrooge McDuck money bin where their money is just sitting around in gold coin form for them to swim in daily. Their wealth is in their assets. This would force them to sell off their assets to to pay the government and although not a legal expert, pretty sure government can't force you to sell your private property and then give them the proceeds of the sale

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No tax expert, and not a millionaire.
But isn't there a similar issue with estates/farmland handed down to survivors? Where they are forced to sell the land to pay off the estate tax or something?

JWinTX said:

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aggiehawg said:

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JWinTX said:

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What nobody ever answers to these tax questions is how they're gonna collect the actual taxes? Billionaire X leaves CA after they say you owe a one-time tax. How do they get that collected when X moves to Texas or Florida, for example?

In reality, it's just more expensive virtue-signaling to buy votes from poor voters.

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Get a judgment in CA state court and then domesticate that judgment in the state where they live now.

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You certainly know more than me on this, but would red states do this? I can't see Texas abiding by this for CA to get the funds...

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Depends wildly on the judge. There are a lot of awful judges in Texas. Also I'm not sure how Texas could declare that it couldn't be domesticated? That would 100% go up to Federal court if we did.

infinity ag said:

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Wealth tax is a bad idea. They will destroy the Silicon Valley (whatever is left of it).
Stupid Dems, all they can do is wreck and ruin.


Peter Thiel and Larry Page are preparing to flee California in case the state passes a billionaire wealth tax, report says
https://fortune.com/2025/12/27/peter-thiel-larry-page-california-state-billionaire-wealth-tax-ballot-proposal/



Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.

Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.

Meanwhile, Google cofounder Larry Page has discussed leaving the state by year's end, sources told the Times, while three limited liability companies associated with him have filed documents to incorporate in Florida.

The Thiel Foundation and Google parent Alphabet didn't immediately respond to requests for comment. Representatives for Thiel and Page did not respond to the Times.
Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the state.

"The inevitable outcome will be an exodus of the state's most talented entrepreneurs who can and will choose to build their companies in less regressive states," he posted on X on Monday. "All that will be left behind is the middle class. The tax burden, then, will fall to the middle class because after the 'richest' choose to leave, the middle class are both (a) the only ones left and (b) are the largest source of state income to extract taxes from."
On Friday, he posted in a reply to Sen. Ted Cruz, who urged him to move to Texas, that it's "under serious consideration."

Backers of the potential wealth tax must still gather enough signatures before it can qualify for the ballot in November 2026.
The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets. According to the Bloomberg Billionaires Index, Page is worth $270 billion and Thiel is worth $27.2 billion.

The healthcare union pushing the measure, the Service Employees International Union-United Healthcare Workers West, estimated the wealth tax could raise $100 billion in revenue and offset federal cuts.

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Dump all your Alphabet stock ASAP.

If Page has to dump enough of it to get $13.5B in one fell swoop, it will absolutely tank the stock.

aezmvp said:

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JWinTX said:

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aggiehawg said:

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JWinTX said:

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What nobody ever answers to these tax questions is how they're gonna collect the actual taxes? Billionaire X leaves CA after they say you owe a one-time tax. How do they get that collected when X moves to Texas or Florida, for example?

In reality, it's just more expensive virtue-signaling to buy votes from poor voters.

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Get a judgment in CA state court and then domesticate that judgment in the state where they live now.

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You certainly know more than me on this, but would red states do this? I can't see Texas abiding by this for CA to get the funds...

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Depends wildly on the judge. There are a lot of awful judges in Texas. Also I'm not sure how Texas could declare that it couldn't be domesticated? That would 100% go up to Federal court if we did.

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It would seem that Texas, or really any red state, would just kick this can down the road, while protecting the taxpayers who flee. Again, I'm just a guy who has no legal knowledge (obviously), but it would seem like this would never get collected.

I think about Apple or other giant corporations that just parked funds offshore for decades until Trump offered them a much better deal for bringing the funds back here. I'd think states would do the same thing for any Tech giant or other CEO type not bound to California

rocky the dog said:

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Quote:

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The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.

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Yeah...

One of the only taxes I've seen ELIMINATED is the Spanish American War Tax.

It was collected from 1898-2006...

The Spanish American War was fought between April 21 August 13, 1898...

infinity ag said:

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Ag87H2O said:

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I hope California goes all in and does this. Combined with the looming fuel price increases, this will expedite the implosion of the left's social welfare schemes in their crown jewel state.

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You might be on to something. Maybe such a dynamite is needed.

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https://www.tiktok.com/@sluggnetwork/video/7379640819873041710

infinity ag said:

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deddog said:

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Here is how I pictured OP as he was posting this thread:

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I am concerned about myself, as I move to CA and approach becoming a billionaire.

And yes, screw the CEOs!

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We all believe you.

Really, we do.

Logos Stick said:

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Too late to flee. It's retroactive.

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That is something that would be litigated for YEARS...

Now, because the judges that hear it are pinko commies, they're probably require the payments prior to adjudication though...

Ag with kids said:

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Logos Stick said:

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Too late to flee. It's retroactive.

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That is something that would be litigated for YEARS...

Now, because the judges that hear it are pinko commies, they're probably require the payments prior to adjudication though...

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This would go before SCOTUS if they attempted to impose retroactive taxation and would likely be shot down 6-3 in the current court.

Quote:

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Depends wildly on the judge. There are a lot of awful judges in Texas. Also I'm not sure how Texas could declare that it couldn't be domesticated? That would 100% go up to Federal court if we did.

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Under comity, states recognize the validity of fellow states' judgments. That is not to say that exemptions under Texas law won't be applicable. But the presumption is the CA judgment is valid. There may be a few avenues to collaterally attack the CA judgment in a Texas court but that's quite a legal hurdle to get there.

AggieBaseball06 said:

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Quote:

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one-time tax

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I totally believe this. There's no way a government would ever go back on it's word about something as sacred as this.

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2 weeks to stop the spread

Ag with kids said:

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infinity ag said:

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deddog said:

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Here is how I pictured OP as he was posting this thread:

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I am concerned about myself, as I move to CA and approach becoming a billionaire.

And yes, screw the CEOs!

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We all believe you.

Really, we do.

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Well, if I find an odd dollar in a pocket of mine, at that point..... I'm "approaching becoming a billionaire".

Ag with kids said:

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Yeah...

One of the only taxes I've seen ELIMINATED is the Spanish American War Tax.

It was collected from 1898-2006...

The Spanish American War was fought between April 21 August 13, 1898...

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And, it was levied on phone bills at a time when only "the rich" had them. My telecom finally got rid of them in 2007, so EVERY phone bill had at least a $.01 charge on it for that tax.

I seem to recall that Cali is/was trying to levy income taxes on people that leave Cali for 10 years after they moved away. Anyone know anything about that ???

I would expect that this Billionaire tax would include a similar feature and allow Cali to tax any billionaire that has moved away in the last few years.

I am sure that this Billionaire Tax would eventually become an annual tax and apply to almost anyone that makes a decent living or has accumulated any measurable wealth.

PCC_80 said:

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I seem to recall that Cali is/was trying to levy income taxes on people that leave Cali for 10 years after they moved away. Anyone know anything about that ???

I would expect that this Billionaire tax would include a similar feature and allow Cali to tax any billionaire that has moved away in the last few years.

I am sure that this Billionaire Tax would eventually become an annual tax and apply to almost anyone that makes a decent living or has accumulated any measurable wealth.

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California: " BigRob, we're sending this tax bill to you, even though you've never lived or worked here. We expect payment by the next billing cycle."


Me: "Bless your heart. You can expect whatever the F you morons want. The only thing I'll be sending is a bag o' Ds for you to ....well, you know...."

The top 1% cover 40% of federal income taxes.

In California, the top 1% cover 50% of the state's tax receipts. California's spending hinges on about 175K households in the entire state to run itself.

It's really smart of them to further incentivize the top of that top 1% to leave the state.

That Rho Kanna dude in CA said the rich BigTech guys don't care about this tax and will pay it because all of the talent is in California. As if there is no talent anywhere else in the US. It would be cheaper for these billionaires to leave California and pay for their top talent to simply move where they are going rather than staying in CA.

Those of you hoping that Kalifornia crashes and burns are hoping for the same thing the Left is aiming for.

The wealth tax we are subject to in Texas, aka the property tax, is the only wealth tax I hope to ever see (and wish it would go away).

But can you imagine billionaires being subject to a wealth tax like California is proposing? It isn't as if you could look up the value of their house, their bank accounts, brokerage accounts, and be done with it. There would be tons of appraisals required for paintings, jewelry, things they collect (coins, stamps, vehicles) and most complicated of all is the valuation of the various businesses they own. Many of them will own all or a majority interest in several LLCs and corporations. What a nightmare.

Ag with kids said:

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infinity ag said:

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deddog said:

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Here is how I pictured OP as he was posting this thread:

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I am concerned about myself, as I move to CA and approach becoming a billionaire.

And yes, screw the CEOs!

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We all believe you.

Really, we do.

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If I live a thousand years, at my going rate, I am very confident of becoming a billionaire. Elon is working on something to make that happen.

AggieBaseball06 said:

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Quote:

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one-time tax

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I totally believe this. There's no way a government would ever go back on it's word about something as sacred as this.

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They stole the Pacific Palisades. Of course the Cali Dems will tax more than once.

MemphisAg1 said:

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A couple of legal questions:

1. Supposedly the tax will be retroactive to Jan 1 if it passes in Nov. I thought it was illegal to pass tax increases retroactively?

2. It's widely believe the US constitution prohibits a wealth tax, which is why it hasn't gotten serious traction in Washington. Admittedly, it's never been tried and adjudicated by a federal court, much less the SC. States can craft their own laws, but they can't negate your rights under the US constitution. Federal supremacy rules. How can CA pass a wealth tax if it's not allowed by the US constitution?

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In the original constitution, direct taxes had to be apportioned equally among the states. The 16th Amendment came along and says that income taxes aren't "direct" taxes.

Whether a wealth tax is "direct" or not is the question. I'm not sure how it isn't. The income tax was already determined to be unconstitutional in 1895 by the Supreme Court, but the amendment made that opinion irrelevant. However, it could certainly be argued to still be applicable to a wealth tax.

deddog said:

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Quote:

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The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.

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Wow.
Absolute insanity.

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"One time"

Until they run out and have to go back to the well...

deddog said:

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Quote:

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The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.

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Wow.
Absolute insanity.

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I have 2 houses worth over $1million. I pay about 2.7% tax on them every year. I only have about 50% equity. So the tax rate on my "wealth" is effectively over 5%, and I pay it every single year. I pay about 2.7% on the part I own, and 2.7% on the part I don't own. Funny how Texans bury their heads in the sand and act like we don't already have a wealth tax, except that it's charged on assets you don't even own.

infinity ag said:

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Ag with kids said:

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infinity ag said:

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deddog said:

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Here is how I pictured OP as he was posting this thread:

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I am concerned about myself, as I move to CA and approach becoming a billionaire.

And yes, screw the CEOs!

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We all believe you.

Really, we do.

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If I live a thousand years, at my going rate, I am very confident of becoming a billionaire. Elon is working on something to make that happen.

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Nobody will put up with you for 1000 years. Even Jesus will have to put down a rebellion after that long.

94chem said:

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deddog said:

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Quote:

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The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.

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Wow.
Absolute insanity.

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I have 2 houses worth over $1million. I pay about 2.7% tax on them every year. I only have about 50% equity. So the tax rate on my "wealth" is effectively over 5%, and I pay it every single year. I pay about 2.7% on the part I own, and 2.7% on the part I don't own. Funny how Texans bury their heads in the sand and act like we don't already have a wealth tax, except that it's charged on assets you don't even own.

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100%. This is the biggest issue for us as we plan for retirement. Income will decrease while property taxes increase annually in perpetuity. Our vacation home is about 60% of the value of our primary home but taxes are 180% because we can't homestead it and tax rates are higher when you're on the water. Wealth taxes are immoral and should be eliminated completely starting with property tax

FIDO*98* said:

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94chem said:

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deddog said:

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Quote:

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The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.

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Wow.
Absolute insanity.

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I have 2 houses worth over $1million. I pay about 2.7% tax on them every year. I only have about 50% equity. So the tax rate on my "wealth" is effectively over 5%, and I pay it every single year. I pay about 2.7% on the part I own, and 2.7% on the part I don't own. Funny how Texans bury their heads in the sand and act like we don't already have a wealth tax, except that it's charged on assets you don't even own.

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100%. This is the biggest issue for us as we plan for retirement. Income will decrease while property taxes increase annually in perpetuity. Our vacation home is about 60% of the value of our primary home but taxes are 180% because we can't homestead it and tax rates are higher when you're on the water. Wealth taxes are immoral and should be eliminated completely starting with property tax

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Opposite for me. I'm a Henry (high earner not rich yet) that intentionally bought a lower cost home and opened my business in Texas due to no state income taxes.

Keep it just how it is. I'll move when I retire if property taxes are killing me after the freeze at 65, which they won't because I will not upgrade my house.

IOW, You want other people's wealth taxed but not yours. Fair taxes are the only taxes that should exist

FIDO*98* said:

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IOW, You want other people's wealth taxed but not yours. Fair taxes are the only taxes that should exist

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Texas has had the same rules for state taxes your entire career and now that a change benefits you as you approach retirement you want it changed.

F that! Move!

Wealth taxes are no more or less moral than any other tax. Taxes come from what you have, what you make, or what you consume. Those are the 3 options. One isn't more "moral" than the others.

Property tax is a tax on money you owe. It makes no sense. We already pay interest.

Not even remotely. I've despised property tax since the day I understood them. This is not about me or you, it is about the immorality of taxing wealth and unrealized gains.

FIDO*98* said:

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Not even remotely. I've despised property tax since the day I understood them. This is not about me or you, it is about the immorality of taxing wealth and unrealized gains.

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Cool. You can change it in 15 years when I retire. I already pay > $250k in fed income taxes. I'm not going from $10k property taxes to $50k in state income taxes.

Or make the Fed income tax flat, which is fair and we can talk about state property tax changes. Until then, I gamed the current system and am happy the way it is until l retire.

94chem said:

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Wealth taxes are no more or less moral than any other tax.

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Here's why I disagree. You can work hard paying taxes along the way to aquire something only to have sell it because you can no longer afford to pay the government to own it. I believe that's immoral. I have a degree of control over consumption and flat income taxes

He will get or has a Line of credit. Stock won't be sold in one fell swoope. Thats not how it works.

The fact this post got 4 stars is interesting.

I prefer paying tax on income to paying tax on wealth, such as with a property tax. Your income is measurable and if you have income, you have the funds to pay the tax. Property taxes are owed regardless of your income. If your property is valued at $300,000 one year and taxed, and is valued at $300,000 the next year it is taxed again. You have had no transaction, nothing has changed, you have realized no income, your wealth is the same as the year before (as far as the asset subject to property tax), but you get to pay a tax solely because you own property.

one safe place said:

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I prefer paying tax on income to paying tax on wealth, such as with a property tax. Your income is measurable and if you have income, you have the funds to pay the tax. Property taxes are owed regardless of your income. If your property is valued at $300,000 one year and taxed, and is valued at $300,000 the next year it is taxed again. You have had no transaction, nothing has changed, you have realized no income, your wealth is the same as the year before (as far as the asset subject to property tax), but you get to pay a tax solely because you own property.

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I want the lowest possible regardless of taxing mechanism.

I pay $10k in property taxes annually but make right at $1mm in income. What system do you think would replace property taxes and keep my state tax rate at 1%?