I’ll bet there are people who thought that California’s Proposition 47 – which made the theft of up to $950 a misdemeanor rather than a felony, thus causing thousands of businesses to close and turning formerly great cities like San Francisco and Los Angeles into disaster areas – was the height of that state’s insanity.
Well, they were wrong.
In an apparent effort to outdo itself, California’s Democrat-dominated governance is considering a new ballot measure: the billionaire wealth tax.
You can read the measure by clicking here.
If you do, you’ll find out that, if you are a billionaire who resides in California, the wealth tax would require that you pay 5% of your wealth – not 5% of what you earn this year but 5% of your total accumulated wealth, that has already been taxed – to the state.
But what if your wealth is concentrated in assets – say businesses, real estate, etc. and you don’t have the 5% available in cash? Well, start selling your stuff, chumpo. It’s the law.
And where would the money go? Well, according to the proposal, “90 percent of the money would have to be spent on health care services for the public”
How much of that would go to illegal aliens? I don’t know for sure, but I’m betting it would be a very, very large share.
This is so nutty that even Governor Gavin Newsom has come out against it.
But if Proposition 47 can be enacted, and kept in place for over a decade (it passed in 2014) even as it wreaked havoc on businesses (which also are California’s tax base) while destroying its major cities, you can bet the billionaire wealth tax has a chance to be passed as well.
And if it does? What happens when the billionaires – and the revenues they already generate – run, not walk, to leave the state? How much revenue will be lost then?
Hey, maybe the same California politicians who figured out what a great idea Proposition 47 was, and still keep it in place, can come up with an answer….
