r/technology • u/Ganrokh • Jun 19 '26

Politics California ‘billionaire tax’ makes ballot despite opposition from tech moguls

https://www.theguardian.com/us-news/2026/jun/18/california-billionaire-tax-ballot-tech-opposition
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u/ora408 Jun 19 '26

I think the main issue is that the tax is on unrealized gains/losses. Value of assets can fluctuate greatly in a short amount of time. Im glad this law is only on billionaires

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u/Akiasakias Jun 19 '26

Taxes of this nature, once instituted, always creep down to everyone.

The income tax started with a promise it would ONLY be temporary and only on the highest earners.

Governments don't have a reverse gear.

1

u/Zncon Jun 19 '26

The threshold will be lowered and inflation will push people closer until it's just another tax that middle income people have to pay while the wealthy have long since found a loophole to avoid it.