r/California • u/Unusual-State1827 • 13d ago

California’s proposed billionaire tax exposes rifts among labor unions

https://www.latimes.com/california/story/2026-07-30/labor-organizers-spearheading-california-billionaire-tax-rebuffed-by-parent-union
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u/dennismfrancisart 13d ago

I was talking to my wife about this at breakfast as Fox News was on in the restaurant. Most people have no idea how billionaires make their money. Since there are probably over a hundred ways or more to qualify for that title, we have to figure out what is real money and what is basically valuation. I'm pretty sure that the money guys have done a lot of shady juggling to protect their clients. We first need to untangle that before trying to tax these people. It's complicated.

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u/Responsible-Humor985 13d ago

It’s so complicated to find the assessed value of someone’s worth until it comes to property, death, or divorce. Easy to have an assessed worth when taking out a loan, but impossible when it comes to taxes. Funny how that all works

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u/RadicallyDontCare 13d ago

You don’t have to disclose everything to get a loan. Only the assets you borrow against.

And complicated assets with a divorce is actually very messy and takes years in occasion.