“That’s Not a Tax, It’s Confiscation” - Billionaire Tax OFFICIALLY On The Ballot

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**Patrick Bet-David** (0:29)
So Billionaire Tax in California looks like it's gonna make it on the ballot of what they want to do. Is that the billionaire taxes to the ballot? Yes. So when they first announced this, Tom, if you remember where we were at, we were in Aspen. Okay, when they first announced that they want to do this 5%, it was a massive debate back and forth. Well, the billionaire tax officially heads to November 3rd ballot. This is zero hedge. The controversial union-backed billionaire tax in California is officially headed to November 3rd ballot. Secretary of State Shirley Weber announced the California billionaire tax exceeded the number of signatures they needed to qualify the initiative aims to impose a one-time 5% wealth tax on Golden State billionaires to generate $100 billion in revenue, as if Newsom knows what to do with the money that he gets anyways.
The tax would apply to assets like art, stocks and bonds.
That money would be used to help back fill reductions in federal funding to K-12 health services provided by Medi-Cal and aid from the Supplemental Nutrition Assistance Program known as the CalFresh in California. According to previous reporting by Senator Square, representative from the advocacy group Billionaire Tax Now and the Union Backing the Tax Service Employees International Union, a bunch of different organizations here that are for it. If you want a budget deficit in perpetuity, past this, that Senator Tony Strickland, Republican Huntington Beach, what happens is these folks are now going to Florida and everywhere else, and not only are they leaving, but they are the ones investing in a lot of these jobs. Those jobs now are fleeing California, and we're going to lose them dramatically moving forward. Tom, thoughts?

**Tom** (2:10)
Well, guess what? California strikes again.
Before we talk about this, I take you back. I have graduated school, I've graduated college, and it's 1984, and they're going to have a lottery in California. And I went back and I found it, Pat. Let me read it to you.
Passage of the lottery will provide discretionary funding for our schools. What? What did you just read? This billionaire tax will provide for our schools. The bullet that the Democrats fire whenever they want to do this, it's for the children, except the ones that we aborted nine months ago. Now, what's really interesting about all this is that this is coming, and this is going to go, and this is another example of they are not willing to look at spending. They will promise everything to everybody. They will promise a free lunch. They effectively buy votes, you know, like the way that they went out last week and said, well, if we were to take 1.7 trillion from Elon Musk, we could give 7,500 to every person, you, you, you, you and you. Oh, really, you're not buying votes. You're not kind of painting those pictures. So I think this is going. You'll notice that now even Zero Hedge was talking about this.
It's being called the Union-backed Bill. And I believe it's because Gavin Newsom and other politicians are running from it. When is the last time we've heard Gavin Newsom actually say something super supportive about this? He has gone from enthusiast to measured and from measured to silent. That's what he has done because he realized what's going on. They rolled the snowball downhill and it's about to roll on top of them. I'm talking about the Dems and the unions that put this out there.

**Patrick Bet-David** (3:59)
Have you seen this clip with Ro Khanna calling out Newsom? Like there's almost something going on there with... Did you see this?

**Tom** (4:05)
That's what I'm saying.

**Patrick Bet-David** (4:05)
Can you play this clip? Play this clip real quick.

**Tom** (4:07)
And they both might be on stage someday.

**SPEAKER_4** (4:09)
Union is pushing one time 5% wealth tax on people who have more than a billion dollars worth of assets in order to keep millions of people from losing their health care coverage. You have been an outspoken proponent of this.
Governor Gavin Newsom, also a Democrat, has been an outspoken opponent of this. What do you make of his opposition to this?

**Ro Khanna** (4:31)