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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think there should be so many billionaires but this seems so ludicrous.

1. People can vote to say we are taking 5% of your all your wealth in 2025? Is there a limit, can voters get enough signatures to vote for taking 10% more in 2030 of every billionaire's wealth?

2. How do you even value all of someone's assets over a billion? They are all mandated to inform the government of every last penny they have?  Many billionaires have assets like art which is hard to value or non-liquid assets. [/quote]

Yes, it’s a stupid idea. [/quote]

Of course it is, and world class economists have said as much over the past 100 years. California has plenty of money, but has mismanaged it so badly that it needs another source of revenue to offset its incompetence. Politicians know that voters won’t feel sorry for billionaires, and won’t even notice the precedent this sets until the bar is lowered to hit their pockets.

Borrowing money against appreciated assets is not a loophole. Rather, it’s a risk that both the bank and borrower take when dealing with illiquid assets. Just wait until California decides to tax home equity, retirement accounts, and any other assets that appreciate over time. [/quote]

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