The Daily Signal California’s Billionaires Already Paid Their Fairshare | Elaine Culotti
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Jan 12, 2026 Babyface Boomer, a social-media personality and commentator, joins Elaine Culotti to dissect California's proposed billionaire tax. They argue that the tax targets unrealized gains, invading privacy and harming economic stability. The duo emphasizes that billionaires already contribute significantly to the tax base and warns that this tax could drive them out, jeopardizing jobs and investments. Instead of raising taxes, they advocate for spending cuts and better fiscal management to protect small businesses and the Californian economy.
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Local Pacific Palisades Context
- Elaine Culotti records from Pacific Palisades ahead of the one-year anniversary of local fires.
- She and Babyface Boomer describe community events including a flag run and local gatherings.
Billionaires Foot Much Of California's Tax Bill
- Elaine Culotti highlights that roughly 200 billionaires pay about 47% of California's general fund taxes.
- She argues targeting those assets risks taxing unrealized equity and transactional-less wealth.
Wealth Tax Targets Unrealized Assets
- The proposed one-time 5% levy would tax $2 trillion in assets regardless of cash liquidity.
- Elaine warns this taxes unrealized equity and would require intrusive appraisals of private holdings.