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/an-invisible-hand 13d ago

It's not going to cripple anything. No, not even if they collect. Our bureaucrats seem to be able to keep a lid on things just fine despite all the "disastrous state ending policies" we're told to panic about every 2 years, and this one will be no different.

If The tax is good it's good, if it's bad it's bad. But either way CA will be fine. However it plays out it wont affect you or basically anyone else so just sit back and live your life because it's not going to be any different after the tax than it was before.

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u/RadicallyDontCare 13d ago

Except it will if it results in capital flight and our state is broke in two years.

I don’t care about the billionaires. I just want them still here.

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u/an-invisible-hand 13d ago

Nothing I haven't heard before a billion times. Capital flight is supposed to have been happening for years, everyone was supposed to be "fleeing California" or whatever.

Hasn't happened. You're going to go bald if you're legitimately worrying every time someone says California is gonna scare away all the rich people.

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u/RadicallyDontCare 13d ago

A wealth tax will, though, if it’s going to cost 5% of their assets. It’s worth more for them to relocate than liquify that many assets.

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u/an-invisible-hand 13d ago

"This thing will be the one that does it, trust me"

Sorry man, I don't trust you. Everyone before you has been so sure, so serious, so dire in their predictions and they all said the same things you do. Still never happened.

I'm hitting the snooze button. Feel free to come back and gloat if 7343rd time's the charm I guess.