As usual (and especially in states like California and New York), Democrats are looking at other people's money -- specifically billionaires in this case -- and asking themselves "how can we get our hands on more of it?"
In California, state Dems hope they've found a way and of course haven't thought it all the way through, which is usually the case:
Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking.
Mr. Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an office for that firm, Thiel Capital, in another state and spending more time outside California, three of the people said.
Other billionaires who appear to be making moves to decrease their presence in California include Mr. Page, 52, a longtime resident of Palo Alto. He has discussed leaving the state by the end of the year, according to two people briefed on the talks.
Naturally, Rep. Ro Khanna of California, instead of re-thinking the proposal so the state Dems don't end up chasing away those tax dollars and lots more, is instead taking the "don't let the door hit ya on the way out" approach:
Peter Thiel is leaving California if we pass a 1% tax on billionaires for 5 years to pay for healthcare for the working class facing steep Medicaid cuts.
— Ro Khanna (@RoKhanna) December 27, 2025
I echo what FDR said with sarcasm of economic royalists when they threatened to leave, "I will miss them very much." https://t.co/5N8FxBqJww
Well, good luck with that!
As he should. It's his money. Not yours or anyone else's.
— theRoddick (@OriginalRoddick) December 27, 2025
The Democrats look at everybody else's money and think it's theirs, and whatever you keep is only because of their good graces.
And as usual the Dems aren't making things very clear.
Not 1% for 5 years, but a 5% one-time (for now) tax on their entire net worth. Page, Thiel, and most others wouldn't be eligible for the 5-year payment option.
— Jared Walczak (@JaredWalczak) December 27, 2025
Just calling it a 1% (or 5%) tax, moreover, makes it sound akin to an income tax hike. It's on all assets, not income.
Democrats often sound like the Ten Years After song with the lyrics "tax the rich, feed the poor, 'til there are no rich no more" without stopping to wonder what would happen next.
A simpler explainer on the effects. It won’t just be Page and Thiel. It will stop future Googles and Nvidias from even starting in our state.
— Garry Tan (@garrytan) December 27, 2025
Why would you be for this?
Unrealized taxes on the fastest growing startups make sure the California dream ends for everyone pic.twitter.com/wxhNS210I0
Other states led by more sane politicians will welcome those billionaires and their companies (and all the tax dollars that comes with them).
Please see this https://t.co/Aw6BRkygnB
— Ro Khanna (@RoKhanna) December 27, 2025
Yeah, we doubt it would work out that way. After all, there's some recent history that serves as an example:
Do you remember what happened the last time a California politician made this type of remark? pic.twitter.com/Imc7tZO36t
— Autism Capital 🧩 (@AutismCapital) December 27, 2025
Way to go, Dems!
This state is so eff’d up
— rodamn (@rodamn) December 27, 2025
The utilization of existing taxes (already higher than anywhere else) is just awful
We need @elonmusk to DOGE the state of California
If California can't make ends meet with the tax revenue they have now, they have a spending problem, not a revenue crisis.
*****