Ca Billionaire Tax is new tax system to apply a tax on ALL property owned, not just real estate but stocks, bonds, furniture, autos, cash, gold, silver - everything.
And don’t believe it’s about billionaire $8T, they want to tax their entire $170T property owned by middle class.
Imagine your grandparents with no real income who now live off social security and whatever they live accumulated in savings. The govt would tax the value of all the assets they’ve collected over their lifetime. Let’s say grandpa has a $1,000,000 net worth but very little cash. The gov’t would tax the value of assets and grandpa would have to pay $50,000 in taxes annually. It’s like a property tax but not just on your home everything they own!
The young mother whose insurance was cut because she couldn’t afford $5,000 payments has passed away this morning . Torrance Marie (28) was forced off chemotherapy, which led to her early-stage cancer progressing to stage 4. She made it to Christmas and leaves behind her son. 💔 🕊️