California may need to double the proposed wealth tax as billionaires flee the state.
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I’ve written about this a bunch to times now but for those who missed it the brief backstory is that a California union is backing a “one-time” billionaire wealth tax which would only apply to about 200 people in the state. It’s not an income tax, it’s a true wealth tax. The state would tally up everything these folks own, homes, cars, stock, companies, etc. and then take a full 5% of that total. If they don’t have that amount in cash, they’d be forced to sell of their property to cover the tax.
The argument for this, being made mostly be the union, is that if the state doesn’t do it there will be no money for Medicaid.
To Seema Kanani, a medical social worker for a major hospital system in Northern California, it is time to sound the alarm about the future of healthcare in the state.
“We need to do this now. We can’t wait 5-10 years,” she said. “We are at risk in the near future, actually, of having hospitals, ERs, and community clinics close down.”
