| Submit your comments on this article |
| Economy |
| California and The Art of Economic Suicide |
| 2026-02-22 |
| [Economic Prism] The Golden Fleece Have you heard of California’s latest act of economic suicide? Once again, the Golden State’s come up with new and ridiculous ways to turn gold into lead. If you haven’t been watching the headlines, the 2026 California Billionaire Tax Act (Initiative No. 25-0024) is officially making its way onto the stage. Sponsored by the SEIU-United Healthcare Workers West, this ballot measure wants to slap a one-time 5 percent excise tax on the net worth of every individual in the state worth over $1 billion. The measure’s sales pitch even has a nice, philanthropic ring to it: "Eat the rich to save the sick." In reality, it’s a classic case of what happens when a state treats its most productive citizens like an ATM with an infinite balance. It’s also another fine example of why California’s circling the toilet bowl. The proponents of the Act claim the state is staring down a fiscal abyss. Certainly, that’s true. Sacramento currently needs to fill a deficit that swings wildly between $3 billion and $20 billion depending on which way the wind blows. Apparently, federal cuts to healthcare (Medi-Cal) and food assistance are leaving a multi-billion-dollar gap. Thus, per the hacks in state government, an emergency tax on billionaires is needed to save California’s healthcare system from collapse. By taxing the roughly 200 billionaires living in California, the money grubbers estimate a one-time windfall of $100 billion. On paper, it sounds like a nifty solution. Supposedly, ninety percent of the money will go to healthcare. Yet when it comes to Sacramento, no amount of money is ever enough for the blood suckers in the legislature. We’ve seen this script before. Temporary taxes become permanent fixtures. One-time levies become emergency annual dues. In California, a budget crisis isn’t a fluke. It’s a feature of a system that spends money faster than a Silicon Valley founder at a Burning Man auction. MASS EXODUS If Sacramento thinks billionaires are just going to sit around and wait for the Asset Seizure Team to show up and confiscate their wealth, they haven’t been paying attention to the moving truck traffic heading east on I-10 and I-80. |
| Posted by:Besoeker |
| #6 |
| Posted by: Besoeker 2026-02-22 09:12 |
| #5 |
| Posted by: Skidmark 2026-02-22 08:44 |
| #4 |
| Posted by: Super Hose 2026-02-22 08:44 |
| #3 |
| Posted by: Procopius2k 2026-02-22 08:36 |
| #2 |
| Posted by: Skidmark 2026-02-22 07:53 |
| #1 |
| Posted by: Procopius2k 2026-02-22 07:41 |