"I welcome your hatred. Goodbye."

While Newsom has said he is against the tax and would "fight" it, he would not have the ability to veto it if it were to pass as a ballot measure.

😐



✌🏻

There are many things I like about Newsom, but not his over the top support for the tech industry.

I hope he doesn't run in 28, and if he does, he isn't the nominee.

People have numerous objections to some of his policies.

Me, I'm a "vote blue, no matter who" type, and have had to hold my nose, but MANY others are not.

I doubt this measure will hold up, at least in the way it is currently written. Also, why aren't his clients publicly speaking up if they're so proud of their position?

1% tax on their immense wealth is NOT a fucking hardship!

Geez Louise!

The great unwashed masses will certainly understand and identify with their plight.

I'd personally like all of the above to leave the US. I don't know who would take them and despite the obscene wealth in UAE (and UAE willingness to look the other way with re: to an Muslim sensitivities for the wealthiest among them in Dubai), I doubt they'd be too happy there either.

Life’s too short to suffer selfish assholes.

Can never share and never have enough for their tiny shriveled souls

ETA

They should be taxed out of existence

- said with my best Chauncey Gardiner voice.

California’s Legislative Analyst’s Office and Department of Finance have estimated that the state “would collect tens of billions of dollars from the wealth tax” in onetime payments. But they added that state income tax revenues would also fall over the long term by hundreds of millions a year if billionaires decided to move away.

A spokesman for Mr. Newsom said he continued to oppose “state-level wealth taxes” because they encouraged those who would be affected to move to another state.

https://www.nytimes.com/2025/12/26/technology/california-wealth-tax-page-thiel.html?smid=nytcore-ios-share

Turnout up so they hold onto a few seats . . .

One time tax? Sounds stupid and counter productive.

I really don't think it will be the exodus that this idiot is predicting, and if those particular billionaires leave, it'll be good for California. Maybe they'll stop trying to create their own private "tech friendly" cities here when the current resident don't want it. I'm so sick of their greedy, selfish ways. They have more money than most of us can even imagine and yet they are never satisfied. F 'em!

Eff 'em all.

The top 1% of income earners contribute about 39% of state tax revenue. If they all left, California would be screwed.

I mean, maybe Thiel and a few others, but it certainly won't be a mass exodus. Where they gonna go? You think the majority of Tech Bros who make under a billion are going to want to relocate to Texas or rural Kansas or cold and snowy NYC, with its socialist mayor-elect? They could move to another country, but then their products could then be subject to shitty tarriffs. Maybe they could move to Hawaii, but that would drive overall production costs up. The US Virgin Islands and Puerto Rico will have too many black and brown people for them, and of course, who wants to relocate their business to Hurricane Row? It's empty bullying, if you ask me.

who is building a 12 (at last count) house compound in my town.

Arguments for nationalizing wealth taxes:

1. Preventing "Millionaire Flight": State-level wealth taxes may cause top talent and entrepreneurs to move to less regressive states, making national policy more effective.
2. Addressing Economic Inequality: Federal taxes are seen as a necessary tool for distributive justice to curb extreme wealth concentration.
3.Targeting Unrealized Gains: A national policy could address taxes on paper wealth or assets, which are difficult to tax effectively at a state level.
4. Uniformity: Federal, rather than state, rules would eliminate loopholes for the ultra-rich.

His job as he sees it is to maximize wealth for his clients so he can scrape more fees off the top.
Most of his clients wouldn't see any difference between a 1% wealth tax and the fees he would have charged them to "invest" that 1%.
Not only that, they won't realize any benefit from that 1% he moved around as an investment for them -

" Oh, sorry - market correction, you lost $2m last quarter, but you're going to make it back up and then some if I move you over to this fund - another $100k, please..."

He did get Alec Baldwin off regarding the politically motivated murder charges.

But he’s gone up against Mark Bankston (the guy who train wrecked Alex Jones for $1billion) on some defamation cases and made a complete ass of himself.

You can check out any time you like, but you can never leave.

To HELL with them!!

I know this is a minority opinion in this thread but I think this is the wrong approach. They should at the federal level go after the tax avoidance schemes these billionaire use as tax shelters such as taking out loans on their assets such as stocks. Then using the dividends (if qualified) received to pay off the loans. You pay a lower rate of tax on qualified dividends plus the interest on the loans may be tax deductible.

It's a global economy now, and we collectively optimized wealth over the last several decades to be mobile and easy to convert.

These initiatives only really work if everyone does it (no safe haven for you or your $$$ to realistically go to), or people are restrained in moving themselves and/or what they possess (you and your $$$ just plain can't leave, or you can keep more $$$ if you stay than go).

Billionaires and even lowly multi-millionaires have a surplus of smart people from around the planet, all competing with each other to be ones who are paid to preserve and protect their wealth.

California is just one of many really beautiful, exceptional places on the Earth where wealth has recently concentrated, and wealth is portable, so it will probably just be courted and incentivized to move elsewhere, and likely grow when it does...

I don't have an answer, but I doubt this achieves what it intends to do. It's certainly leaning in a better direction than the other guys would go with it, I'll give it that.

So California will lose the tax money of people who don’t pay taxes?

I don’t see the downside. The wealth leeches leave and prices on housing goes down. Win-win.

But it has worked out fine since its passage in 2022, with billions of dollars more now available for the public good each year, and actually more ultra-wealthy living in MA since it passed.

https://www.nbcboston.com/news/politics/data-shows-mass-is-home-to-more-millionaires-despite-new-surtax-according-to-advocates/3698430/|

Is there a mechanism to calculate the net worth of every California taxpayer?

Pay up or shut up. Having wealth is a privilege. It's way past time to pay for that privilege.