There comes a point at which the velocity of stupid outpaces, and then laps, the rigors of reason. California is about to get lapped.
Gov. Gavin Newsom and his leftist legislative supermajority and their union buddies have finally run out of other people’s money. The left’s fix for this is to chase away all the rest of the billionaires who still call California home by pushing a ballot initiative demanding a 5% retroactive wealth tax on the net worth of billionaires.
The billionaires who still call California home are thinking about leaving.
And it’s all because the left prefers takers over makers.
Newsom and his band of plundering communists broke the “free” ObamaCare Medi-Cal program by inviting illegal aliens from all over the world to enjoy health insurance while they came to get their commercial truck driving licenses. Newsom rang the dinner bell, signed up more illegal aliens, and now that the explosion of billions of COVID funding is going away, the state is out of money.
As a result of the left’s never ending envy of people who do big things and make big money, everything from paintings, investments, patents, trade marks, stock and stock options, intellectual property — real and unrealized gains — of over a billion dollars would be plundered to backfill the left’s latest disastrous overspending on “free” health care for illegal aliens.
The time to get out is now. After the plunder come the guillotines and Reign of Terror. The proposed “one-time tax” is for the 2026 tax year, so even if the rest of the Silicon Valley tycoons make tracks to get out of town, they’ll be on the hook for the unprecedented and gluttonous tax.
Good question: West Coast, Messed Coast™ — How Many Ex-Californians Are Still Getting Mail-In Ballots?
Last week, Newsom spent his 45-minute interview at the New York Times’ DealBook summit bragging about California’s riches and how his state is full of cutting-edge tech entrepreneurs, while simultaneously arguing their hard work and wealth are a problem for society. He claimed, however, that he doesn’t like the net worth tax idea and opposes it. That should go over well with the “each according to his needs” communists in his base, such as it is.
A likely 2028 candidate for the Democratic presidential ticket attempted to downplay the attractiveness of an initiative that allows poorer people to vote to tax richer Californians. This is the same population that just changed Newsom-mandered congressional districts to screw over Republicans in Texas.
We have one individual that represents one labor union in the state of California that has not collected one signature that is considering putting on the ballot after he collects signatures a wealth tax that vast majority of labor opposes and almost everybody I know opposes. So it’s not something to be panicked about, but it’s part of the broader concern and narrative that’s developed in this country of the haves and have nots, not just income inequality, but wealth inequality.
That “one individual” in that “one labor union” leads the health-care division of the Service Employees International Union (SEIU), which is one of the most powerful and radical unions in the state.
I’ll bet if Gavin Newsom stopped that sea of unchecked and unvetted illegal immigrants from coming into his state, that it would help with that whole “wealth inequality” problem he claims to be upset about. He could stop chumming the waters with “free” health insurance. Just a thought.
CalMatters assessed the hit that covering illegal aliens has on the state budget.
Under President Donald Trump’s tax reform and budget bill, California is estimated to lose roughly $30 billion in federal Medicaid funds annually as a result. The state’s Medicaid agency estimates 3.4 million people will lose coverage as a result of federal eligibility changes.”
The cuts won’t start until 2027, but Newsom and company are starting the cuts now on low-income and disabled individuals, whom we assume are American citizens.
Meanwhile, the billionaires of the All-In podcast who still live in the state are considering moving out.
David Sacks, who works in the Trump White House as a special advisor on Artificial Intelligence and crypto, said he had to sell off millions of dollars worth of his holdings at 50 cents on the dollar to work in D.C. Now, the possibility of the net worth tax leaves him shaking his head.
“I mean, it’s kind of crazy. But did you see? I think Newsom came out and said that he was going to oppose it. Is that right? But it doesn’t matter because if the California voters vote it in, it goes [in effect] immediately…” he said late last week.
Shady: DOJ Sues Six More Blue States for Hiding Shady Voter Rolls From Feds
“I think we’re all seriously thinking about moving out.”
Wait. Hear that? That’s the sound of the fleet of G-700s firing up their Rolls-Royce turbofans at the local FBO on a flight plan to Texas or Florida.
Give that die-hard conservative in your life access to exclusive reporting that exposes the radical left, or — better yet — give that “woke” family member access to the truth about President Trump and the Democratic Party’s dangerous lurch toward socialism. Use this link and use the promo code FIGHT to get 60% OFF.
