CA: Idea of One-Time 5% Wealth Tax Terrifies Billionaires

Saturday, December 27, 2025

The Golden State is home to a few hundred people with wealth over $1 billion, many of whom amassed their riches as executives or investors in California technology companies. Oligarchs Peter Thiel (59) and Larry Page (52) are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure for a one-time five percent tax on their Mammon-sized fortunes.

Posted by C0RI0LANUS at 10:31 PM | 46 COMMENTS | permalink | Comment on This Entry |

Alternate links: Google News | Twitter

Billionaires are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state's wealthiest residents.

[image or embed]
-- The New York Times (@nytimes.com) Dec 26, 2025 at 6:55 PM

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

California Wealth Tax Proposal:

"One-Time Wealth Tax on Billionaires: Billionaires living in California on 1 January 2026 would have to pay a one-time state tax equal to five percent of their net worth. The tax would be due in 2027. Taxpayers would have the option to spread the payments over five years, but would have to pay more to do so. Real estate, pensions, and retirement accounts would be excluded from the tax.

Most of the Money Set Aside for Health Care: Revenues from the wealth tax would be set aside in a special account. The state would decide how and when to spend the money but it would have to be spent on certain types of services. In particular, 90 percent of the money would have to be spent on health care services for the public. The rest would have to be spent on administration of the wealth tax, education, and food assistance. Other state laws that require some tax revenue to be used in certain ways, like spending on schools and building the state's rainy day savings, would not apply to this money."

Source: California Wealth Tax Proposal

"I ain't paying California a nickel for their healthcare programs! I need every single penny of my ill-gotten gains! GFY poor people!"

"Thank you for your attention to this matter."

#1 | Posted by C0RI0LANUS at 2025-12-27 02:31 PM | Reply | Newsworthy 1

Billionaires have no right to exist

#2 | Posted by LegallyYourDead at 2025-12-27 03:21 PM | Reply

- Oligarchs Peter Thiel (59) and Larry Page (52)

(Musk-54)

Damn Billionaire Boomers!.... oh, wait: "Baby Boomers, born between 1946 and 1964, are currently (in late 2025) between 60 and 79 years old."

Never mind.

#3 | Posted by Corky at 2025-12-27 03:43 PM | Reply

Of course, were we to overturn Citizens United, and all the laws that billionaires paid to have written for them, we prolly wouldn't need taxes like this one.

#4 | Posted by Corky at 2025-12-27 03:58 PM | Reply

Revenues from the wealth tax would be set aside in a special account. The state would decide how and when to spend the money but it would have to be spent on certain types of services.

Grifting is a service in CA. Millionaires going after Billionaires .... America is hilarious

Of course, were we to overturn Citizens United, and all the laws that billionaires paid to have written for them, we prolly wouldn't need taxes like this one.
#4 | POSTED BY CORKY

What exactly is the point of this tax?

I speculate the percentage will go up, and the min "wealth amount" will go down.

#5 | Posted by oneironaut at 2025-12-27 07:51 PM | Reply

---- off idiot.

#6 | Posted by LegallyYourDead at 2025-12-27 08:44 PM | Reply

So, the California billionaires, after having sucked their wealth out of working people, are afraid of a tax that helps support those very working people?

Quelle surprise.

That seems to be the mantra of the Trump oligarchy.

#7 | Posted by LampLighter at 2025-12-27 08:57 PM | Reply

Corky, we don't need to overturn CU. States can amend their corporate laws to forbid corporations operating in their state from spending money on elections.

#8 | Posted by dibblda at 2025-12-27 11:19 PM | Reply

@#8

States can override the Supreme Court for Federal elections?

Really?

#9 | Posted by LampLighter at 2025-12-27 11:28 PM | Reply

The federal government doesn't control corporate law, that is a state power.

#10 | Posted by dibblda at 2025-12-27 11:31 PM | Reply

Corporate charters are granted and can be revoked by the states.

#11 | Posted by dibblda at 2025-12-27 11:32 PM | Reply

@#10 ... The federal government doesn't control corporate law, that is a state power. ...

But election donations seem to be a Federal power.

Elections are not corporate law.

#12 | Posted by LampLighter at 2025-12-27 11:42 PM | Reply

"But election donations seem to be a Federal power.
Elections are not corporate law."

That's the argument they would make, but corporations are granted their right to exist and how they operate their business by the states.

www.americanprogress.org

#13 | Posted by dibblda at 2025-12-28 12:31 AM | Reply

Please take a look Lamplighter. This is interesting and deserves more publicity.

#14 | Posted by dibblda at 2025-12-28 12:36 AM | Reply

@#13 ... That's the argument they would make, but corporations are granted their right to exist and how they operate their business by the states. ...

That does not answer the question I posed.

Let me ask again ...

Election donations seem to be a Federal power to supervise.

And the Supreme Court, unfortunately, illustrated that with its Citizens United (~corporations are people~) decision.

So, with that in mind, I have to ask, what else yer got?

#15 | Posted by LampLighter at 2025-12-28 02:55 AM | Reply

Xymox - Imagination (1989)
www.youtube.com

Lyrics excerpt ...

genius.com

...
[Verse 1: Anka Wolbert]
I have come to indecision
Someone is pushing me
All the cities, subways, rivers
No direction left for me

I have lost my way home early
I don't care cause I won't stay there
All I hear is this silent whisper
Will you be here again?

[Chorus: Anka Wolbert]
Imagination takes the shadows away
Every day I've been without you
Imagination keeps the shadows away
Every day I stay without you
Too many times -- without you
...

#16 | Posted by LampLighter at 2025-12-28 03:00 AM | Reply

funy you Dems just keep eating each other alive. Remember, the Democrats are the Party of the Rich

#17 | Posted by Maverick at 2025-12-28 11:11 AM | Reply | Funny: 1

the Democrats are the Party of the Rich

------------, is that why Leon spent $44 billion on twitter to get the decomposing------------------- elected?

#18 | Posted by reinheitsgebot at 2025-12-28 11:14 AM | Reply

#17 Political cannibalism:

Trump vs. Anti-Trump Factions: Deep divisions persist between supporters of Donald Trump and those who are critical of him, with some long-time Republicans facing consequences for their opposition.

House Leadership Struggles: The party has experienced significant internal battles and disunity over electing a House Speaker and passing legislation, leading to government shutdown threats and a "chaos caucus".

Ideological Divides: Tensions exist between different ideological wings (e.g., MAGA supporters vs. more traditional conservatives) which often manifest as personal "troll wars" and public feuds among high-profile figures like Marjorie Taylor Greene and Tucker Carlson.

State-Level Disputes: Internal conflicts and infighting also occur at the state level, impacting local political dynamics and legislative priorities.

#19 | Posted by A_Friend at 2025-12-28 11:36 AM | Reply

#17 Party of the rich ...

Donald Trump's second cabinet is historically wealthy, with estimates placing the combined net worth of his appointees in the hundreds of billions of dollars, largely due to figures like Elon Musk (if counted as a top appointee) and numerous other billionaires like Linda McMahon and Howard Lutnick, significantly surpassing previous administrations, including his own first cabinet and Joe Biden's. Reports from late 2024 and 2025 cite figures ranging from over $13 billion (excluding Musk) to over $313 billion (including top appointees) or even around $390 billion for the entire White House team, making it the richest ever.

You were saying something about the party of the rich, mossback?

#20 | Posted by A_Friend at 2025-12-28 11:40 AM | Reply

Lamp, from the article I linked:

Citizens United held that government may not regulate a corporation's right to spend money independently in elections. But the court did not say what a corporation is"it could not. That question lies beyond even the Supreme Court's reach.

Each state creates and defines its corporations. It need not permit its creations to consume it.
In American law, corporations are not born; they are built. Corporations are creatures of statute, not of nature. And for more than two centuries, the power to build them"to define their form, limits, and privileges"has belonged to the states and only to the states.

#21 | Posted by dibblda at 2025-12-28 11:41 AM | Reply | Newsworthy 1

#21 Newsworthy and a spot-on observation.

Thank you, Dibblda.

#22 | Posted by A_Friend at 2025-12-28 11:44 AM | Reply

"funy you Dems just keep eating each other alive. Remember, the Democrats are the Party of the Rich"

You say this in a thread about Democrats wanting to tax the rich while your president is a paper billionaire backed by billionaires.

Your head is deeply up Trumps ass you pinecone.

#23 | Posted by dibblda at 2025-12-28 11:46 AM | Reply

#17 I suspect that the Trump's entire team did not have to limit themselves to just 2 dolls for their daughters, and 2 pencils for their sons.

Nope.

I suspect that the Trump's team enjoyed unlimited gifts for their children.

Let the poor and suckers eat cake.*

* Well, they can have the crumbs from the wealthy's cakes.

Trickle down, don't cha know?

#24 | Posted by A_Friend at 2025-12-28 11:49 AM | Reply

" for more than two centuries, the power to build them, "to define their form, limits, and privileges", has belonged to the states and only to the states."

Which is why every bank corporation is formed in Delaware.

#25 | Posted by Danforth at 2025-12-28 02:40 PM | Reply

"You say this in a thread about Democrats wanting to tax the rich while your president is a paper billionaire backed by billionaires."

Gavin Newsome appears to not support this. I don't blame him.

I don't think that the drafters of this proposal understand that, if the billionaires opt not to stay, it will be their taxes that will need to go up.

#26 | Posted by madbomber at 2025-12-28 03:27 PM | Reply

"Which is why every bank corporation is formed in Delaware."

Can I hazard a guess that Delaware has benefitted from this phenomenon?

#27 | Posted by madbomber at 2025-12-28 03:28 PM | Reply

Just like a progressive, always looking for more money. I feel bad for any idiot who stays in Cali.

That's why we have a Republic and not a democracy. California can keep their madness there and not affect the other 49 states.

#28 | Posted by boaz at 2025-12-28 08:30 PM | Reply

So, Major B... are you happy about the Fact that many millionaires and billionaires pay less percentage of taxes on their income than you do?

www.google.com

Your Cult Hero is very happy about it!

#29 | Posted by Corky at 2025-12-28 09:02 PM | Reply

" many millionaires and billionaires pay less percentage of taxes on their income than you"

In 2026, the worker with the highest federal tax rate is not the millionaire, nor even the billionaire. It's the guy making $185K per year.

#30 | Posted by Danforth at 2025-12-28 09:16 PM | Reply

- It's the guy making $185K per year.

Yes, but Mad Mises launders his money through German sausage futures.

#31 | Posted by Corky at 2025-12-28 09:20 PM | Reply

And speaking of billionaires, the average billionaire saves over $1 million per week with the renewed Tax Giveaways to the world's richest.

Meanwhile, the waitress who doesn't have to pay taxes on her tips, might save 20 bucks a week.

And GRATS? Grantor Annuity Trusts allow parents to give their children unlimited amounts of money, without gift or inheritance taxes.

Meanwhile, a $25 gift certificate to the employee of the month is taxable income to the recipient.

#32 | Posted by Danforth at 2025-12-28 09:22 PM | Reply | Newsworthy 2

#32

This is all just proof that Trump is for the workin' man!

#33 | Posted by Corky at 2025-12-28 09:25 PM | Reply

Trump's economy is a work of fiction | Sheneman cartoon
Updated: Dec. 28, 2025,

www.nj.com

#34 | Posted by Corky at 2025-12-28 10:08 PM | Reply

#28 The stupidity, it burns:

Do tell us, Major DEI Boazo:

How is your local dog catcher chosen?

How are your mayor and county/parish executives chosen?

How are your state representatives/state senators chosen?

How is your governor chosen?

How is your US congressperson chosen?

How is your US Senator chosen?

Think...

How are all those people chosen ... if NOT through democratic means?

#35 | Posted by A_Friend at 2025-12-28 10:13 PM | Reply

#28 Just how many times must you be relegated to the dunce-hat stool in the corner, Major DEI Boazo?

Grab a dictionary, pull up a chair and let me teach you something useful:

The only thing in America that represents a "republic" is the presidency, which in itself is a product of racist engineering (the Electoral College).

(No wonder you love it so.)

Meanwhile, every single elected position below POTUS is filled though democratic means.

Your local dog catcher is filled though democratic means.

Your mayor and county/parish executives are filled though democratic means.

Your state representatives/state senators are filled though democratic means.

Your governor is filled though democratic means.

Your US congressperson is filled though democratic means.

Your US Senators are filled though democratic means.

So, wipe the unsightly dribble of white supremacy from your virtual chin and live in the real world, Major DEI Boazo.

#36 | Posted by A_Friend at 2025-12-28 10:24 PM | Reply | Newsworthy 1

Danforth, I know it is a long article. In response to:

"Which is why every bank corporation is formed in Delaware."

There is this in the article:

The third useful corporation law provision concerns corporations not chartered in the state, known as "foreign corporations." This provision determines which powers a state grants to out-of-state corporations. When Florida, for example, grants a foreign corporation from Delaware the authority to operate in the state, it "does not authorize a foreign corporation to engage in any business or exercise any power that a corporation may not engage in or exercise in this state."

This provision gives the first two their real power"a state that moves to no longer grant its domestic corporations the power to spend in elections is also denying that power to corporations chartered in the other 49 states.

Notably, the operation of the foreign corporation provision in each state's law means that this approach does not depend on its being adopted by Delaware, even though the state is home to the lion's share of major corporate registrations. Every state that adopts this approach keeps every Delaware corporation out of its politics.

#37 | Posted by dibblda at 2025-12-28 11:25 PM | Reply

" retirement accounts would be excluded from the tax."

Then what is Peter Thiel worrying about?!?

FFS, the guy had $15 billion IN HIS ROTH IRA about five years ago.

#38 | Posted by Danforth at 2025-12-28 11:44 PM | Reply

Danforth,

Do you understand why someone might take actions to avoid a wealth tax?

#39 | Posted by BellRinger at 2025-12-28 11:52 PM | Reply

"does not authorize a foreign corporation to engage in any business or exercise any power that a corporation may not engage in or exercise in this state."

I'm quite familiar with that, from my days as a Health Plan Trustee. A large issue at one point was health plans being allowed to sell in multiple states, and the lynchpin turned out to be ... they already could, they were just trying to get legislation which allowed an Alabama company to sell in Florida ... WITHOUT adhering to Florida's laws.

It got defeated. Otherwise, we would've been treated to a race to the bottom. And, by this point, we'd all have Bamacare.

#40 | Posted by Danforth at 2025-12-28 11:52 PM | Reply

" Do you understand why someone might take actions to avoid a wealth tax?"

Sure. Why wouldn't I?

But I also know Theil has most of his assets in non-qualified investments, like retirement accounts and real estate.

So basically he's just being a miser.

#41 | Posted by Danforth at 2025-12-28 11:55 PM | Reply

So, no. You really don't.

#42 | Posted by BellRinger at 2025-12-28 11:57 PM | Reply

Now, let me ask you: were Roths ever designed to reach a $15-$20 billion balance?

#43 | Posted by Danforth at 2025-12-28 11:57 PM | Reply

" So, no. You really don't."

Don't be a dummschittt.

I regularly make moves to legally avoid taxes.

If Thiel wants to leave California, don't let the redwoods hit him in the ass.

#44 | Posted by Danforth at 2025-12-28 11:59 PM | Reply

" If Thiel wants to leave California, don't let the redwoods hit him in the ass.

#44 | POSTED BY DANFORTH AT 2025-12-28 11:59 PM | REPLY | "

If it happens, good for him and whichever state he relocates to. And middle finger to the state that chased him away over greed of confiscating some of his wealth.

#45 | Posted by BellRinger at 2025-12-29 12:03 AM | Reply

" And middle finger to the state that chased him away over greed of confiscating some of his wealth."

The real problem has been the lack of truly progressive taxes.

Income tax is about the only progressive one we have. The rest are regressive, or, on the case of SS taxes, super-regressive.

California and its policies have helped these folks to uncountable amounts. And your advice is to tell the state to GFI.

#46 | Posted by Danforth at 2025-12-29 12:21 AM | Reply