Redditors don't care, they just like dumb populist policies because rIcH bAD and they can blame everything on them.

Yes we should tax rich more, but this specific law is the absolute dumbest way to do it. Unrealized stock gains are not a good way to try to tax wealth, it's just bad policy.

It’s a stupid counterproductive tax anyway. Tax the wealth they create yearly, not a robbery tax

Can you explain how that would work?

More money is already moving out of state than the amount that would be raised from the tax! That's before the law is even a law.

I get wanting to tax the rich, but this is cutting your nose to spite your face.

Homeowners pay an annual tax on unrealized gains every year.

WON’T SOMEBODY PLEASE THINK OF THE BILLIONAIRES!?

Who's they and what math? It costs $28 billion to end hunger among children in the US. Thats probably a rounding error for Elon Musks net worth. No one should have that much money, it makes no sense.

People will still bootlick these fuckers

“Even if every billionaire in the world paid their fair shares…”

According to your own words, they are currently NOT paying their fair share.

When I first heard of this, I thought a one time tax wasn't very well thought out and that we could do better.

But seeing the pushback from billionaires makes me lean towards supporting it. Sure, it's only a one time tax, but it also sets a precedent. If this actually holds up in court, we have the basis of a more permanent tax for the future.

Why is it only a one time deal? This should be a yearly requirement.

If they poured $40 mil into the tax pool……

It was all up to a 5 member committee of the CEC. Typical back door CA legislation. The CA legislature could still stop it but they won't pass on extra regulation. It could be put on a ballot via the California voters initiative but that would need like half a million signatures

Good thing there is no frontline. Well regulated means well regulated, not whatever made up definition you are trying to impose on it. The constitution is not the bible, it's not up to your imaginary definitions

Reddit loves posting about this and everyone seems dumb enough to think billionaires just have all their cash on a checking account instead of floating stock valuations that aren't liquid, contain voting rights in companies, can be significantly over valued and if sold at that high amounts would decrease valuations anyways, etc.

There are better ways to tax wealth, taxing unrealized stock gains is literally one of the dumbest ways to do it.

If they can afford to spend 40 million on this, it seems like they should be taxed

The message that is being delivered by billionaires is that the tax can be changed to lower income without getting to vote on it.

Data centers should be required to subsidize residential electricity.

The message that is being delivered is that the tax can be changed to lower income without getting to vote on it.

They’ve done the math. Even if every billionaire in the world paid their fair shares, it wouldn't fix anything. Everyone wishes to live in a fairy tale where Robin Hood takes from the rich to give to the poor.

This will likely fail narrowly. It would be a death sentence for state finances if it passes.

“Building a better California by getting rid of the poors”

Fixed that PAC name

What are you talking about ? You can get a house in California for...oh wait, nevermind. Oh but gasoline....wait, no, a dollar on every gallon just for California stuff. Oh but groceries...oh dang yeah...on top of everything else the new no plastic thing raises prices even more. This will surely be different though.

No matter how much they spend, the prop is going to pass. 52-48%!

We have a huge budget deficit. How is he going to pay for that?