Jason Calacanis

The entire net worth.

One-time payment to the state of California, and then there's an allocation on how that money will be spent.

But it's a one-time billionaire tax.

Now, it is very likely that this sort of an amendment to the California Constitution is not constitutional and actually cannot be made and will not actually go into enforcement, even if the voters do vote to approve it in both the federal and a state level based on this concept of uniformity, which is that you have to tax everyone equally.

except for the case of an excise tax, which is like income or a transaction, you're allowed to tax disproportionately based on the size of the income or the size of the transaction.

But if you're going to tax on property, if you're going to tax on an asset, you have to tax everyone uniformly.

So it is likely not going to go into effect if it does pass.

However,

It is very likely the case that the SEIU is simply using this as a baiting mechanism to get people to stand up and denounce it.

And then they will be in a position to attack those people and destroy them and use this effectively as a political fodder for this next election cycle.

That's what it seems like the true kind of motivation.

Yeah, well, we don't know who's going to come out against it, but there's an effort to try and get top Democrat officials in the state of California to say, this is silly.

If you do this, people will leave the state, yada, yada.

So that's kind of a quiet underway effort.

But I don't know why the citizens of California, the majority of citizens of California would not vote for this.

Who wouldn't want to tax the billionaires 5%?

Come on, let's do it.

And then the people, the people that step up against it and are vocal against it and point out like, hey, in France, when they did this, they lost like 40% of their revenue because all the wealth left the country.

Oh, but don't you remember they did this in 2024?

I mean, they're already trying to extend Prop 55, which is the progressive tax for people making over a million dollars.