As anti-billionaire lunacy hits California, with a proposition going onto the November ballot calling for a supposedly onetime shearing of billionaire wealth to pay for illegal-alien health care, its governor, Gavin Newsom, knows exactly what happens when such a billionaire’s tax is enacted: Billionaires leave, voting with their feet.
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It’s official: California billionaire’s tax will be on the ballot in November.
Backers are holding a press conference now.
Debra Carthan VP of SEIU-UHW said Governor Newsom’s opposition puts him in “lock step with President Donald Trump.”
— Ashley Zavala (@ZavalaA) June 26, 2026
Just the talk of it has caused billionaires to leave the state, costly it billions in tax revenue.
It happens in country after country that tries one, looking at you, Europe …
There are, after all, many attractive states for billionaires, a mobile group, to choose from.
That explains why Newsom is nominally opposing the California’s supposedly one-time five percent dip into billionaire fortunes in the coming proposition, but calling for a national billionaire’s tax, moving the takings down to the $100 million threshold and making the collection annual, not onetime, wanting every state to be just like California, but worse:
It’s time for a national billionaires tax and a new social contract.
10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed.
The system is fundamentally broken.
The federal tax code, a corporate code, and an inheritance code… pic.twitter.com/tLRbUId6yi
— Gavin Newsom (@GavinNewsom) June 26, 2026
That way, he can trap ’em good in California, collect the shearings and leave the detested billionaires with no place to flee. America would then become a roach motel for billionaires, easy to get into, but not to get out.
Up until now, Newsom’s denied there was a problem.
Now he even recognizes that not only do billionaires want to flee, everyone wants to flee:
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In opposing the Billionaire’s Tax, Gavin Newsom has a curious argument: “You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do.” In other words, most of us want to flee the state but can’t
— Jonathan Turley (@JonathanTurley) June 26, 2026
And dammit, he intends to stop them all.
He actually isn’t the only one propounding this profoundly anti-freedom idea.
Rep. Ro Khanna and Sen. Bernie Sanders have already got a national wealth tax in the works, prepared early for Democrats’ expected takeover of Congress after the November midterms:
California’s proposed one-time 5% billionaire tax is being sold the way every wealth tax is sold: as a surgically precise levy on a couple of hundred people. But if American history teaches us anything it’s that a tax built for the top never stays there.
In 1913, Americans were… pic.twitter.com/RFTQA5c9T2
— Steven Fiorillo (@stevenfiorillo) June 28, 2026
Some clowns in Europe are even calling for an international billionaire’s tax now, too, to stop the flight and leave wealth creators at their mercy.
They all know that wealth taxes of this sort are never onetime, they’re never small, and they always trigger flight. The places that launch them get the full brunt of their exit, and the results are never what they claim they will be:
California’s billionaire tax, headed to the November ballot, is sold as easy money. Hoover Senior Fellow @JoshRauh argues it would raise far less than promised and leave the state worse off as the wealth flees. https://t.co/32ZUYDSfcD
— Hoover Institution (@HooverInst) June 27, 2026
Now they’re going for a closed ecosystem model. Yet voting with one’s feet has always been a basic human right. Don’t like someplace, leave, everyone recognizes that. What Newsom wants is financial Berlin Wall, taking that not as a warning but a model. That is socialism, moving rapidly to communism on the old Soviet and North Korean systems, where no one was allowed to flee. That is evil. And human rights violations will follow from it.
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Image: X video screenshot