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California ‘billionaire tax’ makes ballot despite opposition from tech moguls
(www.theguardian.com)
this post was submitted on 19 Jun 2026
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Even if it passes, it will be hung up in courts for years and never end up getting paid.
It's dumb to have a "one time tax fee" retroactive based on where you lived like a year ago. It should just be a yearly tax.
They want the payout but without losing the billionaires. If they make it retroactive and dont make it recurring, the billionaires have less incentive/urgency to leave. They're already on the hook for the one time fee and it isn't an immediate concern that it would happen again. I'm sure that is the logic they're going with. Dunno if that will harm their case when this inevitably goes to court though.
Nothing like the threat of "we've decided once again to take some money from you because you lived here before" to make them not up and move.
Not that they'll bother, because most won't pay it.