Friedberg

Yeah.

I mean, look, there's momentum behind it at this point, but it's fundamentally a point that creates leverage that allows this individual to go out and negotiate with other parties to try and find a way for this money to show up so that he can reduce the health care costs for his members.

which is what his objective is.

And this is the way the direct democratic process works in California.

Now, it's not the first time a wealth tax has been proposed in California.

And I want to be really clear on this.

I think this is very important for everyone to understand.

Forget the term billionaire.

Forget the term wealth.

What we are talking about, and this is now being proposed in multiple places in the United States, and there is also a federal bill being proposed, several federal bills that have been considered.

We are talking about, for the first time, a tax on individual people's private property, not on your income.

So the way taxes work today is when you earn income, either via labor, so you collect a paycheck, or via the sale of an asset, so you sell a house and make a profit, or you sell a stock or bond and make a profit, you are earning income, and you pay a tax on that income.

And you only pay taxes when you realize income, when you sell something or do work and get a paycheck.

So only when you get paid cash.

So for the first time ever, we are talking about placing a tax on people's private property that hasn't turned into cash.

For example, you own some real estate, you own an apartment building.

Yeah, let me just say not even a billion dollars.

Right.

Forget about a billion.

Let's say that this asset tax, because in some cases it's being proposed on anyone over 50 million or anyone over a million dollars.