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“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”
― Mark Twain
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California's Road To Collapse
California lawmakers are weighing a proposed Billionaire Tax Act that would levy a one-time 5% tax on residents with net worths of $1 billion or more. The measure includes a retroactive start date of January 1, 2026, making it difficult for billionaires to avoid the tax by relocating out of state.
Tax attorneys say the retroactive provision is intended to discourage last-minute residency changes, although some wealthy individuals have already left California or are preparing to do so. Supporters claim the tax could generate approximately $100 billion to fund healthcare and ensure the ultra-wealthy pay their fair share. Critics, however, warn that the proposal is likely to face legal challenges, particularly due to its retroactive application. Attorneys also note that California’s strict residency rules complicate efforts to establish a timely move, though some billionaires may still attempt to relocate ahead of the November vote.
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