Workers from one of California's largest public-sector unions hit the streets in the new year to collect enough signatures to put a "billionaire's tax" initiative on the ballot in November — just so illegal aliens can keep getting free healthcare.
“Even before we launched this initiative, we knew that having the wealthiest in our society step up to pay their fair share, to help the rest of the folks in California, we had a feeling it was going to be popular,” Renée Saldaña, a spokesperson for Service Employees International Union-United Healthcare Workers West, told The Center Square on Monday. "These frontline health care workers have been chomping at the bit to get out there and start gathering signatures."
The proposed tax is a one-time 5% state wealth tax on all California's billionaires, imposed on "all types of personal property and wealth, including capital stock, bonds, artwork, collectibles and investments," according to that Center Square writeup.
How might that work in practice? Would California's billionaires have to take their art collections with them to dodge the taxman, leaving major museums with empty walls? The tax is supposed to be collected in 2027, but there's no telling how long it might take to work out the legal complications.
On the other hand, it's easy to picture various appraisers rubbing their hands together in gleeful preparation.
How big a hit might tech shares take, as billionaires sell off their most liquid assets to fill Sacramento's gaping maw? Nobody knows.
The initiative would direct 90% of revenues collected to restoring cuts to the state's Medi-Cal program, which Gov. Gavin Newsom and the Democrat-dominated state legislature created because illegals were bankrupting the program.
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