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Called the "2026 Billionaire Tax Act," the statewide ballot measure is intended to prevent hospital and clinic closures across California and help fund public K-14 education and state food assistance programs, according to organizers. If voters pass this measure there will be a one-time 5% tax on any California resident with a net worth in excess of $1 billion. Problem is that wording in the bill allows Sacramento to make this a yearly tax and also lower the net worth threshold without voter approval.
Read these two posts by the CEO of a silicon valley based VC firm. He explains the trojan horse nature of this bill. There was a failed proposal for a California wealth tax in 2023 that specified a 1% annual tax on net worths of more than $50 million to 1.5% on net worths over $1 billion. Back then, I recalled reading that the $50 million threshold would eventually drop to $10 million or lower because there were insufficient people with a net worth of $50 million or more to generate the taxes that Sacramento was projecting. I suspect there is a similar end game with this bill otherwise there would be no need for the language in the bill that is being pointed out.
There are a lot of 'stock and real estate rich' people in Irvine and Orange County that may think they are not impacted by this but may be in for a rude awakening if this measure passes.
Read these two posts by the CEO of a silicon valley based VC firm. He explains the trojan horse nature of this bill. There was a failed proposal for a California wealth tax in 2023 that specified a 1% annual tax on net worths of more than $50 million to 1.5% on net worths over $1 billion. Back then, I recalled reading that the $50 million threshold would eventually drop to $10 million or lower because there were insufficient people with a net worth of $50 million or more to generate the taxes that Sacramento was projecting. I suspect there is a similar end game with this bill otherwise there would be no need for the language in the bill that is being pointed out.
There are a lot of 'stock and real estate rich' people in Irvine and Orange County that may think they are not impacted by this but may be in for a rude awakening if this measure passes.
