Democrats are good at weaponizing people’s emotions. They give people an enemy to hate like the rich, give them talking points that sound good while writing in their Benedict Arnold clauses that nobody sees because it’s buried in the fine print. The idiots fall for it every time.
The legislative authority clause allows future 2/3 majority amendments by the Legislature (no voter approval needed) if they further the Act’s purposes This enables broadening, like lowering thresholds to include more people or making it recurring. This turns the “Billionaire Tax” into something substantially wider Section 50308 defines the scope (who qualifies as an “applicable individual”) Meaning everyone This bill is a Trojan horse
- The “Billionaire Tax” is a ballot initiative, not a legislative bill. If approved by voters in November 2026, it would amend the state constitution to impose a one-time 5% tax on billionaires. While the initiative’s text does include a clause allowing the Legislature to amend or repeal it with a 2/3 majority vote, any such amendment that expands the tax could itself be subject to a voter referendum, keeping ultimate control in the hands of the electorate.
- California we have 4th largest economy in the World. Our government leaders have squandered and stolen our money through their mismanagement. Now to bail themselves out they want to raise taxes and tax what you’ve already paid taxes on plus tax you on the appreciated value of your assets. If you don’t have the money for the tax you either have to borrow or sell. Middle class Democrats need to raise up and save our state – Harold
- You do that to California residents and I’m pretty sure that’ll be the end of California… no one could afford to live there except the greedy politicians hiking people’s taxes!
- that’s how it goes every time, they sell it as “tax the rich”, then before you know it that “rich” white family “living it up” in a $750K shoebox apartment they originally paid $100K for in NYC is targeted next… Mamdani’s “Preliminary Racial Equity Plan” cites that the median white household holds over $200K in wealth, compared to less than $20K for Black households.
- Every “Tax the Rich” bill that has ever passed is ALWAYS ultimately shifted down to EVERYBODY. I mean holy hell, that is EXACTLY how todays Income Tax initially began.
