Coming off the heels of an already highly partisan, controversial ballot initiative season, Golden State voters are again being presented a choice that will have ramifications for generations to come: The Billionaire Tax Act.
During the upcoming general election this fall, California voters will choose whether to impose a one-time 5% tax on residents with net worths over $1 billion, with the goal of raising over $100 billion.
California Representative Ro Khanna, a purported 2028 presidential hopeful whose district includes the corporate headquarters of Silicon Valley’s elites, like Apple and Intel, has already endorsed the wealth tax.
Makes sense? No, not really. California’s roughly 200 billionaires, “pay 47% of the taxes that go into the general fund. And what we're doing here in California is we have decided that we need to make a hundred billion dollars, right? And the way to get to it is to create this tax on things that have not been sold yet. So the way to get to it is to do a one time 5% charge on the 200 earners in the state that pay the most in taxes already,” argues Daily Signal California Commentator Elaine Culotti.
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