X-Rocket Man

Remarkable that California Dems and far-left Senators like Elizabeth Warren tout an unconstitutional wealth tax like California’s proposal since courts will easily strike it down as it violates both the U.S. Constitution and California’s own constitution. Plus they are fundamentally not property taxes as they falsely claim. They’re a “use tax” tied to local services — to pay for direct services from cops, firemen, sanitation and  schools that the taxpayer directly uses. A wealth tax is designed for redistribution of revenue not tied to specific services. There is no direct link between what you pay and a service you receive. The U.S. Constitution only allows for federal “income” taxes, not for any tax on assets. It violates even more amendments. It violates the Takings Clause (Fifth Amendment): “nor shall private property be taken for public use, without just compensation.” Plus it can force people to sell assets just to pay the tax, even if no income was generated, in violation of the same 5th Amendment’s taking clause and due process rights as well as the 14th amendment plus Article 1 on confiscatory taxation. And it violates California’s own state constitutional limits on taxation—including uniformity requirements, due-process protections against confiscatory taxes, and strong protections for property rights. Plus it would unconstitutionally tax unrealized paper gains—like the increased value of a house even if it’s not sold—and even illiquid assets. Not only would all that take an army of bureaucrats to figure out that value, costing more than the tax would ever collect. Valuing out-of-state or illiquid assets annually is legally vulnerable. Because the tax discourages interstate mobility or penalizes investment across state lines, on just that reason alone, courts will likely strike it down.

Garry, the startup ecosystem in California will be cooked if the (so-called) "billionaire tax" is passed. Most people in Silicon Valley still do not know. California wants to change the constitution so they can tax illiquid startup stock. It's not "billionaire tax". It is an asset tax. It will have a devastating effect on (AI) startups in California. TLDR 1) Not limited to one time 2) Not limited to billionaires 3) 1st US tax like this on assets you own (not income you earn) 4) Changes CA Constitution to legalize taxing “all forms of personal property and wealth, whether tangible or intangible”

🚨 BREAKING: California High-Speed Rail Authority ADMITS to cost $231 BILLION According to the latest business plan from the California High-Speed Rail Authority, the Phase 1 system is now projected to cost $231.3 billion in today’s dollars. Their own language: “The Authority used bottom-up cost estimating methods to re-estimate the full Phase 1 buildout at approximately $231.3 billion.” Let that sink in. This project was originally sold to Californians at $33 billion. Now it’s nearly 8 times more expensive. At this price point, California High-Speed Rail is one of the most expensive infrastructure projects in the history of the world. And here’s the reality check: At the previous $126 billion estimate, that same amount of money could have covered 100% of all one-way flights between San Francisco and Los Angeles for 150-200 YEARS. Now imagine what $231 billion could do.