Examining Newsom’s Billionaire Tax

Examining Newsom’s Billionaire Tax What is the good and the bad in this crazy tax idea? What is the foundation behind it?

Gavin Newsom wants a national billionaire tax. This tax is simply a one time tax on people owning over a set amount of money. It looks like 6-8% of that person’s total wealth. It is not a tax on income, which is already in place for years and years. This is simply an accessment of a person’s net worth, and a percentage of it.

Since it is limited to a certain state (California), it only applies to people of that state, that live in that state. Many other Democrat states are copying that very idea like New York.

So what do people do to contend with this? First of all, they analyze if they personally fall into the range that would make it apply to them. If they do not own sufficient to be under that tax, they sigh a breath of relief, and forget about it. That is to their own detriment.

If a person or business owns sufficient wealth, they will be affected. The answer is to move to a state that doesn’t think and make their income laws this way. So we see a mass migration of rich people and their businesses to red states. That is because Republican controled states usually don’t think along these lines. Democrat states do. If you compare the taxes rates of states, you will see the highest taxed states are Democrats. For example, Florida charges NO STATE INCOME TAX. Florida is a Republican state.

Once in a Life-Time

So the craziness doesn’t stop there. First, the “one time in your lifetime” wealth tax gets repeated over and over, more frequently each time. The reason is because they run out of money to give away. The Democrats are taking these taxes and giving the money (only after they make deep cuts for Democrats and their political machine) to poor people and illegal immigrants. Do these states put these issues up before their citizens in honest elections to decide? No. In fact, the entire vote counting structure in these states are controled by Democrats. There is no honesty nor fairness in these elections, but usually they don’t even want it up for a vote if they can sneak it past the public.

So when a government promises to “make this tax a single once in a lifetime” tax, what guarantees does the public have? Because history would indicate that a life-time is about 3 years in these people’s minds. If the money doesn’t stretch enough for what you want to do, one solution is to make more money, and the other is to rethink what you want to do and do it better, or spend less. Why doesn’t Newsom approach his budget shortfall from the angle of spending less? In fact, he doesn’t even have to go there. He can simply do a DOGE in California government, and take all the people off of state welfare that are not claiming it legally. Oh, but then the illegal aliens that he is using to keep Democrats in power would be affected, and he would be cutting his own throat. Californians are the ones that will suffer in every way here.

Let’s take some projects then to see if the budget shortfall can be fixed there. A monorail in California that has spent billions but hasn’t constructed a full short track from one city to another yet? Yep. That sounds like a drag on the budget that is not necessary since they have gone so long without out, and are still not seeing it. How about all the money spent on the homeless. So the total number of homeless sleeping in the streets grows each year with each billion dollars spent on them. Maybe cutting them out of the picture (the state giving them money and throwing money at the problem) would cause them to all go away. Get jobs and work and live like normal people.

Taxing you until you are Dead

Secondly, states like California and New York are taxing their fleeing citizens for 10 years after they have left the state. So the American Revolutionary War was because England taxed the colonies without representation. Having a Democrat representing the people against the people’s good is not representation. But these states want to keep digging any wealth these people happen to make so that they can continue their Democrat power buying activities.

A peculiar point is seen in the right for a Californian who left the state because he is rich, does California allow him to continue to vote for the 10 years they still tax him? No taxation is forever, and voting is only when it is convenient for the government. I think that it is illegal for a state to tax a citizen once they leave that state and no longer have any property, business, etc. in that state. Oh, yea, Newsom addresses that. He uses that point to promote his bid for President of the United States in 2028. He wants the California tax system to be national. The wealth tax needs to be national. On the Federal level. Great.

But I don’t Make Enough for it to Affect Me

Actually, these people are trying to generate new forms of taxing and getting more and more money from citizens. Whether you currently pass under the bar they set or not, it doesn’t matter. They will lower the bar. They want inflation. With the tax brackets that have been in place and inflation, everybody gets moved into a higher tax bracket. One day soon you will be under their crosshairs. It doesn’t make any difference. They want to pass this grab of wealth using the “abuse” that a billionaire represents to them, and then once it is established, they will do the same thing down to people who make $20,000 or more a year. That is how the income tax grew into its current form.

Where I Agree with Newsom

Before people say I totally disagree with Newsom, where do I agree with him? There is a general liberal cry against business and wealth. Rich people don’t pay their fair share of taxes. Okay. So how do they get away with that? Let’s start there. They get away with it because of our tax codes which is designed to be a give-away apparatus for the political favors for different groups of people. Fairness would be that all people of all income brackets get taxed at the same rate, and there are no deductions or kick backs of any sort. You make $100,000 and your neighbor makes $50,000, and the tax rate is 8%, you pay $8000, and your neighbor pays $4000. That is fair. Why does the government give a break to one group and make the rest bear the tax burden? Fairness is that we do away with all of that, simplify the IRS system, and in fact just do away with personal taxes altogether. A flat VAT tax is the fairest. A 4% tax on what is purchased.

A billionaire who buys million dollar purchases will not be exempt from this tax. Yet the poorest people can afford that on groceries. The Value Added Tax must replace income taxes though. That is the only way it is fair.

Examining Newsom’s Billionaire Tax