General Discussion

MichMan

(17,594 posts)

7. I can't find out how they plan on determining everyone's total wealth

Sun Jun 21, 2026, 01:39 PM

15 hrs ago

Total accumulated wealth consists of real estate, investments, businesses, art, jewelry, cars, collectibles, furniture and anything else that is property.

Just how does California plan on assessing the values of all those things, without a team of assessors physically looking at all of them?

First off they have to determine the values to know who is even eligible for the tax and after that determine how much people would owe. It seems like they would have to assess all kinds of people to know who had $100 million, $500 million, or over a billion.

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Billionaire tax makes it to ballot in California [View all] SamuelTheThird Saturday OP

Well I guess the billionaires will be leaving California................. Lovie777 Saturday #1

I absolutely love Newsome hookaleft Saturday #2

Newsom veteod data center transparency legislation SamuelTheThird Saturday #3

and he is against the billionaire tax hookaleft Saturday #4

This reads like me padding an assignment Sympthsical 14 hrs ago #8

I don't support the one time aspect. tirebiter Saturday #5

It is based on total accumulated wealth, not income MichMan 15 hrs ago #6

Note that it is a "one time 5% tax" MichMan 9 hrs ago #9

I can't find out how they plan on determining everyone's total wealth MichMan 15 hrs ago #7