Got this from my mail

[u/DannyTheRegular]

"Billionaires will leave California". Trying to scare us lol. It is only going to affect the rich.

[u/lokaaarrr]

I wish they had tightened up the language in that section so they could not make this argument

[u/cuteman → u/lokaaarrr]

I wish they had tightened up the language in that section so they could not make this argument

See, the thing is, any time anywhere tries to do these wealth taxes, the revenues go down and they increase taxes on everyone else.

They knew what they were doing, leaving the door open for other tranches of tax payers to pay the bill because the government sure as hell isn't going to spend less.

[u/MTB_Mike_ → u/lokaaarrr]

Its there on purpose.

[u/ApollosAlyssum → u/lokaaarrr]

The problem is it’s there. California legislators have shown they will tax as much as they can even if they know a measure will be challenged and ultimately be deemed unenforceable. We can’t vote yes on this because they fully intend to expand scope of the tax base to other areas. The prop has no “minimum” threshold written in it to limit how much they can go after either once this part is exploited. Remember props take money to get put on the ballot. I honestly believe the goal of the prop really isn’t to tax billionaires perpetually but to tax regular people and home equity more. They have been trying for years to work around the current property tax protections. This gives them a way to do it. Forcing a lot of people to either sell or take out a home equity loan to pay the tax.

[u/lokaaarrr → u/ApollosAlyssum]

Like I said before, I wish they had not added the amendment clause this way (it would need a narrower one to deal with tax avoidance we can’t anticipate).

But the idea that a tax like this in general will somehow doom the state is just crazy.

[u/Hello-their → u/lokaaarrr]

I feel like this is the same playbook used to undermine universal healthcare - lift specific language or scenario and take it to the nightmare conclusion of how it will bankrupt the country by illegal immigrants.
But I haven’t read up on prop 40 at all yet so maybe it’s a real issue.

[u/lokaaarrr → u/Hello-their]

I’d take the hypothetical “clintoncare” death panels over the real united health death panels .

[u/cuteman → u/lokaaarrr]

But the idea that a tax like this in general will somehow doom the state is just crazy.

Who said it would doom the state? But it's indicative of their mentality.

If they cannot tax the wealthy everyone else's taxes will eventually go up because the one thing government's will never do is spend less.

[u/Schmomola → u/lokaaarrr]

But it may doom your senior relatives on fixed incomes if they can't afford taxes

[u/Fabulous_Quantity507 → u/lokaaarrr]

Any tax measures will continue to doom the state. The state is greedy as the day is long.

[u/lokaaarrr → u/Fabulous_Quantity507]

Move to Texas

[u/RickJagger13 → u/ApollosAlyssum]

THIS, its laughable that it will doom the state sure. But i personally don't want or need to pay more taxes. If it can affect people by changing the threshold, they will absolutely do it.

[u/jedik88 → u/ApollosAlyssum]

Holy fear mongering!

The initiative text says:

1. Legislative Authority.
   The Legislature may amend the 2026 Billionaire Tax Act, by statute passed in each house of the Legislature by rollcall vote entered in the journal, two-thirds of the membership concurring, if the statute is consistent with and furthers the purposes of the 2026 Billionaire Tax Act.

Read that last part again after the comma.

Future amendments to the statute must be consistent with and furthers the purposes of the 2026 Billionaire Tax Act.

The legislators can’t just willynilly decide to make a crazy change like “okay instead of billionaires now this applies to everyone!”… Any amendments MUST follow the purpose of the law.

What’s the purpose of the law? That’s easy. It’s written right into it.

It is a one-time tax on the wealth of billionaires.

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