RE: LeoThread 2026-04-25 14-11

Despite the name, it would apply to every California resident who currently has assets or ever will.

It was labeled the Billionaire Tax to provoke outrage and distract from what it actually does to residents.

On page twenty-six it explains how the government could convert it into an Everyone Tax without voter approval.

It also permits changing the tax into an annual levy rather than a one-time charge, again without voter approval.

Here’s how the tax would work: voters would be asked to approve a tax requiring them to:

1. list all assets and the value of each, then submit that information to the California Franchise Tax Board

1. authorize the tax board to appraise assets and confirm each reported value

2. face a penalty of up to 40% of the tax bill if the board determines reported values were too low

1. allow the tax board to subpoena financial records from all financial institutions for auditing

The proposal spans 34 pages of convoluted language outlining mechanisms by which the government could claim assets.

If this were truly a billionaire tax, it would be three pages. It’s 34 pages to create the mechanisms to seize assets from residents.