Tom Bilyeu

Just putting the bill forward has caused that much money to flee California.

Imagine if it actually passes.

All of this just reduces the amount of money you can collect in taxes.

Now listen, for all the contempt around billionaires, remember this.

They pay an ungodly percentage of taxes, wherever they are.

50% of Americans don't pay income tax at all.

Let that one sink in.

And history has proven time and time again that when you get too aggressive with your tax policy, people leave.

The measure is...

the kind of thing that is literally just attempting to steal up to $100 billion over the next five years.

And though critics are gonna argue that this will be far less due to design flaws and the fact that it will just chase people out of California, the proposal builds on earlier unsuccessful wealth tax efforts in California, such as Assembly Bill 259 in 2023,

but is unique in its one-time nature and focuses only on billionaires.

At least for now, it has sparked significant controversy with even Governor Gavin Newsom, of all people, calling it really damaging to the state's economy.

Let that sink in.

Gavin Newsom, who never met a tax he didn't like, says that this is really damaging to the state's economy because he knows what's going to happen.

Billionaires like Peter Thiel and Larry Page, who have already reportedly taken steps to relocate or restructure assets to avoid being affected, are going to be just the tip of the spear.

The retroactive January 1st, 2026 obligation date gave little time for relocation after the proposal's public reveal in late 2025, which critics argue was designed intentionally to trap billionaires.

I bet you can imagine how they felt about that.

Net worth will be calculated as a worldwide fair market value of all assets, tangible and intangible, including stocks, bonds, business interests, real estate, art, and collectibles, minus allowable debts and liabilities.

Listen, all of this is absurd.