CA proposes one-time 5% tax on billionaires \ stacker news ~Politics_And

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CA proposes one-time 5% tax on billionaires prospect.org/2025/10/23/unveiled-today-first-politically-viable-wealth-tax/

1567 sats \ 14 comments \ @Scoresby 24 Oct Politics_And_Law

This is just capricious. Politicians fail to balance a budget and make excessive promises to their constituents and buddies and their solution is to just give themselves a big ol' chunk if wealth from the most successful people.

Earlier today, one of California’s most powerful unions and two of the nation’s most prominent progressive economists unveiled a 2026 state ballot measure that would establish the nation’s first wealth tax.

If it qualifies for the November 2026 ballot and is enacted by state voters, the initiative would levy a 5 percent tax on the wealth of the state’s roughly 200 billionaires and direct 90 percent of those funds to California’s Medicaid recipients and the institutions that serve them, with the remaining 10 percent going to the state’s K-12 schools.

Democracy at work: the majority decides that if you make a lot of money they can treat you like their personal savings account.

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40 sats \ 0 replies \ @realBitcoinDog 23h

But it’s just one-time they swear!

5 sats \ 0 replies \ @grayruby 17h

If it passes you can be sure it won’t be one time.

5 sats \ 0 replies \ @DarthCoin 19h

What people still do not understand is that all billionaires DO NOT OWN anything, they are just beneficiaries from trusts... beneficiaries do not pay taxes, they just use the benefits.

Only shitizens slaves pay taxes. These kind of "laws" are made only to "please" the ears of dumb fuck shitizens, to vote harder and pay more taxes.

learn how to use the Trust Law and Contract Law.

15 sats \ 1 reply \ @TheBTCManual 22h

You make a lot of money, generate wealth for all shareholders, create jobs and pay salaries, drive deflation in the marketplace by offering cheaper goods and services, you pay company tax, income tax and all of that is still not enough, wild times!

0 sats \ 0 replies \ @Solomonsatoshi 20h

The rich pricks pay sweet fuck all tax. They are laughing all the way to the bank at you stupid Libertarians doing their dirty work for them.

5 sats \ 0 replies \ @Solomonsatoshi 20h

'Democracy at work: the majority decides that if you make a lot of money they can treat you like their personal savings account.'

If you make a lot of money you have benefited considerably from the security, rule of law and property rights that government provisions.

If you don't like it go live somewhere there is no government and see how you fare.

0 sats \ 7 replies \ @SimpleStacker 23h

Wow, the writer of this piece is remarkably pea brained if he thinks that just because it's "one-time", that rich people wouldn't flee the state in greater numbers than they already are because of this.

I'm not even a millionaire and this would make me want to flee the state, simply for the signal it sends about where the politics is headed.

0 sats \ 6 replies \ @Solomonsatoshi 20h

I am a multi millionaire but I am not so stupid to think taxes are theft.

1% owning 50% of the wealth is grossly inefficient and destructive.

Rich pricks own the narrative and you bought their neoliberal/Libertarian bullshit.

0 sats \ 5 replies \ @SimpleStacker 13h

Actually no, I am not a neoliberal or a libertarian. But I actually live in California and I can see the destructiveness of their policies. Medicaid is a woefully inefficient system. The problem with California politicians and voters is they think that extracting from the rich is going to solve systemic problems related to system design and incentives. It's not.

0 sats \ 4 replies \ @Solomonsatoshi 13h

Yeah but its a neoliberal/Libertarian line that taxing the rich more will result in them leaving and so we can't. My response would be the rich should be taxed at a higher rate as they have benefited more from the economy, law and order, public services, environmental protections and property rights that the government provisions. The inequality in the US now after decades of neoliberalism is appalling. Adam Smith was inclined toward taxing the rich more as they can afford it and a highly unequal society is actually very inefficient, inequitable and ultimately wasteful of human potential.

Politically California is Democrat and so more inclined toward universal healthcare which the Trump administration is cutting back on, so this is their response. The provision of healthcare in the US is an absolute mess- the most expensive and inequitable in the developed world. Glad I live in New Zealand- the taxpayer funded provision of free universal healthcare and accident insurance in New Zealand, while not perfect, is massively more efficient, equitable and cost effective.

If not Medicaid how would you fix the US-California health system/s?

In my opinion free (taxpayer funded) universal public health care is a fundamental requirement for any civilised government to provide...but it appears Trump is cutting it while giving huge tax cuts to very wealthy people and California is responding accordingly as best they can.

123 sats \ 3 replies \ @SimpleStacker 13h

I'm not fundamentally against progressive tax rates.

I'm mostly commenting on the article itself, which says that "this wealth tax will work because it's a one time tax," which I think is a very foolish thing to say.

As to health care, I am supportive of a public/private model like Taiwan has. But the US healthcare sector has so many ingrained interests that I think it's basically impossible to reform without bloodshed at this point.

30 sats \ 1 reply \ @Scoresby OP 12h

yeah, the one-time thing is what caught my eye the most as well. I suppose it's fine if that's how it is described in the law, but using it as a justification is absurd.

102 sats \ 0 replies \ @SimpleStacker 12h

Seriously think the author just has stars in his eyes over things he wants to happen, but doesn't actually stop to think how it's perceived by others. It seems to be a common problem among progressives.

30 sats \ 0 replies \ @Solomonsatoshi 12h

I guess they are hoping Trumps attacks on Medicaid are a one time event as well?

Totally I agree the US healthcare system looks to be a tragic mess of chronic embedded cronys lobbying to maintain their rentseeking.

Within that terrible political dysfunction a one off tax on the rich seems like a viable option!

I pity the doctors, nurses and workers in the US system where money seems to trump the hypocratic oath.

Also agree a mixed model where you have decent free universal healthcare along with some private provision for those who can afford it is a reasonable balanced way to go although it leaves a tension between the two and lobbying by the private health providers to cut into the public system.