BILLIONAIRE BUCKS

The 5% wealth tax on billionaires residing in CA on 12/31/25 is expected to be on the November ballot. The SEIU-UHW estimates the tax will raise $100 billion. A recent nonpartisan California Tax Foundation analysis estimates the tax will reduce state tax revenues by $4 billion/year. Using a 4% capitalization rate the perpetual $4 billion/year loss is equal to a one-time loss of $100 billion. An exercise in utter futility.