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Open original source ↗A first of its kind asset seizure tax is illegal and unconstitutional. If this makes the California ballot in November and passes because voters don't know any better, it will then just meander through the courts for the next 10 years because hundreds of well funded lawsuits won't let this stand.
In the meantime, California will not get access to any of this money only to find out that the Constitution doesn't allow this and then find out all the rich people left leaving them only the middle class to tax even more.
What California politicians should be doing is funding healthcare, education and policing through more efficiency and rooting out waste from their exist $350B annual budget.
At current course and speed, California will be near insolvency around 2030 and will need a federal bailout. The math is undeniable.
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.@davidsacks47 blasts California's so-called "Billionaire Tax Act" “This is this is not a tax, this is an asset seizure... Never been anything like this before in American history. People are trying to minimize it by saying it's a one-time. It's not a one-time. It's a first-time, and if they get away with it, there'll be a 2nd time and a 3rd time, and this will be the beginning of something very new and different in this country, which is asset seizure. Whenever a state or a majority decides, 'Hey, we don't like somebody, or we don't like a group of people, we're just gonna take their stuff' -- that's a violation of property rights.”
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