Valuetainment - June 27, 2026


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


Episode Stats


Length

15 minutes

Words per minute

198.29

Word count

2,992

Sentence count

242

Harmful content

Misogyny

3

sentences flagged

Toxicity

4

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

The billionaire tax in California looks like it's headed to the November 3rd ballot. Pat and Tom discuss why they think it's a good idea and what it means for the future of California's economy. Plus, the latest on the proposed billionaire tax.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
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00:00:30.000 So billionaire tax in California looks like it's going to make it on the ballot of what they want to do.
00:00:37.020 Is that the billionaire tax as to the ballot? Yes.
00:00:39.720 So when they first announced this, Tom, if you remember where we were at, we were in Aspen.
00:00:45.580 When they first announced that they want to do this 5%, it was a massive debate back and forth.
00:00:50.560 Well, the billionaire tax officially heads to November 3rd ballot.
00:00:53.900 This is zero hedge.
00:00:55.180 The controversial union-backed billionaire tax in California is officially headed to the November 3rd ballot.
00:00:59.020 But Secretary of State Shirley Weber announced the California billionaire tax exceeded the number of signatures they needed to qualify.
00:01:05.340 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.
00:01:18.220 The tax would apply to assets like art, stocks, and bonds.
00:01:22.240 that money would be used to help backfill reductions in federal funding
00:01:26.900 to K-12 health services provided by Medi-Cal and aid
00:01:30.300 from the Supplemental Nutrition Assistance Program
00:01:33.100 known as the CalFresh in California.
00:01:35.120 According to previous reporting by Senator Square Representative
00:01:37.540 from the advocacy group, Billionaire Tax Now
00:01:40.120 and the union backing the tax service employees, International Union,
00:01:44.120 a bunch of different organizations here that are for it.
00:01:46.700 If you want a budget deficit in perpetuity, pass this,
00:01:50.600 at Senator Tony Strickland, Republican Huntington Beach,
00:01:54.420 what happens is these folks are now going to Florida and everywhere else,
00:01:59.340 and not only are they leaving, but they are the ones investing in a lot of these jobs.
00:02:04.380 Those jobs now are fleeing California, and we're going to lose them dramatically moving forward.
00:02:10.840 Tom, thoughts?
00:02:11.880 Well, guess what? California strikes again.
00:02:14.420 Before we talk about this, I take you back.
00:02:17.380 I have graduated school, I've graduated college, and it's 1984,
00:02:23.360 and they're going to have a lottery in California.
00:02:25.800 And I went back and I found it, Pat.
00:02:27.640 Let me read it to you.
00:02:29.420 Passage of the lottery will provide discretionary funding for our schools.
00:02:35.000 What?
00:02:35.440 What did you just read?
00:02:36.940 This billionaire tax will provide for our schools. 0.58
00:02:40.060 The bullet that the Democrats fire whenever they want to do this,
00:02:43.940 it's for the children, except the ones that we aborted nine months ago.
00:02:46.920 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.
00:03:00.820 They will promise everything to everybody.
00:03:03.360 They'll promise a free lunch.
00:03:04.580 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.
00:03:17.300 You, you, you, you, and you.
00:03:18.720 Oh, really, you're not buying votes.
00:03:20.300 You're not kind of painting those pictures.
00:03:22.320 So I think this is going.
00:03:24.380 You'll notice that now even Zero Hedge was talking about this.
00:03:30.860 It's being called the union-backed bill.
00:03:34.200 And I believe it's because Gavin Newsom and other politicians are running from it.
00:03:39.260 When is the last time we've heard Gavin Newsom actually say something super supportive about this?
00:03:43.920 He has gone from enthusiast to measured and from measured to silent.
00:03:50.020 That's what he has done because he realized what's going on.
00:03:53.520 They rolled the snowball downhill and it's about to roll on top of them.
00:03:57.800 I'm talking about the Dems and the unions that put this out there.
00:04:00.980 Have you seen this clip with Ro Khanna calling out Newsom?
00:04:02.940 Like there's almost something going on there with, did you see this?
00:04:06.200 Okay, can you play this clip?
00:04:07.420 Play this clip real quick.
00:04:08.300 And they both might be on stage someday.
00:04:09.980 The World Health Care Workers 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.
00:04:20.360 You have been an outspoken proponent of this.
00:04:23.640 Governor Gavin Newsom, also a Democrat, has been an outspoken opponent of this.
00:04:29.160 What do you make of his opposition to this?
00:04:32.060 I don't get the governor's decision from an economic, moral, or political perspective.
00:04:37.520 And this is not an attack on him.
00:04:39.560 But it's just from a matter of philosophy.
00:04:42.820 Why would you want to side with 250 billionaires in California over the working class in California?
00:04:51.180 And the only reason, in my view, to not be taxing that is because you care about these 250 people's contributions to the political system.
00:05:00.600 And by the way, who do you think is going to probably cave in this?
00:05:04.760 Ro Khanna or Newsom?
00:05:05.880 Look what he just said.
00:05:07.300 Why are you protecting these 250 billionaires?
00:05:10.060 The average person watches this.
00:05:12.300 How does the average person react to something?
00:05:13.780 Yeah, all of a sudden he's protecting billionaires.
00:05:15.960 What people don't know is, do you know what Ro Khanna is worth?
00:05:18.040 Can you pull up Ro Khanna's net worth?
00:05:19.700 I cannot believe I'm defending Newsom.
00:05:21.500 Can you pull up Ro Khanna's net worth versus Newsom?
00:05:24.220 And if you can find a chart over the last 10 years.
00:05:26.540 Just go to Ro Khanna's net worth, last 10 years.
00:05:29.640 It's gone up.
00:05:30.600 If you look at Rokana's net worth, if I'm not mistaken, the guys were $230 million-ish.
00:05:37.380 Compare Rokana's net worth to Gavin Newsom.
00:05:40.920 Rokana's net worth tied to Gavin Newsom.
00:05:43.960 So when you see something like this, when you see something like this with the taxes that's passing going into California,
00:05:50.320 and you see what happened yesterday to New York City with Mamdani.
00:05:53.160 Mamdani's three people that he endorsed, they all won.
00:05:56.580 And by the way, these are, if you think Mamdani's an extremist,
00:05:59.960 these guys were like extremists on a whole different level.
00:06:01.960 You see some of the stuff that they said in the past,
00:06:04.020 you wouldn't even believe it on some stuff that's being said about them.
00:06:06.840 Right there.
00:06:07.640 Yeah, Ro Khanna, common public estimates, $25 to $30 million.
00:06:11.440 Open Secrets-based analysis at places, media network at $232 million.
00:06:15.380 And by the way, if you guys follow Open Secrets,
00:06:17.260 they do a very, very good job at identifying these types of things.
00:06:20.060 So we give them credibility for $232 million.
00:06:22.520 And Newsom's worth $20 to $30 million.
00:06:24.280 Don't get me wrong.
00:06:24.920 These guys are buddy-buddy off camera.
00:06:26.400 They probably go out to dinner at the same places.
00:06:28.400 But I think Ro Khanna is trying to make a run for office,
00:06:31.380 and I think he wants to run for president,
00:06:32.880 and he's liking what's going on with Mamdani.
00:06:34.760 He keeps saying good things about Mamdani.
00:06:36.680 Something's going on there.
00:06:37.460 But if this wealth tax goes, Humberto, families like yours,
00:06:41.820 billionaire families, Chile, right?
00:06:44.260 If this goes, if this goes, if we were thinking about Google people that left,
00:06:49.700 oh, they left California.
00:06:51.740 Some of the guys are sitting there saying there's no way this is going to pass.
00:06:54.580 What do you think is the likelihood of this passing?
00:06:57.240 It's only 250 people that are going to be voting against it.
00:07:00.120 It's over.
00:07:00.680 They've rolled the snowball downhill.
00:07:02.640 If it's on the ballot, it's done.
00:07:05.520 Oh, my God.
00:07:06.400 The states would take to 250.
00:07:08.700 Pat, the precedent this will set is unbelievable.
00:07:11.980 This is an actual wealth tax, all right?
00:07:14.740 This is not an income tax.
00:07:16.540 This is a wealth tax.
00:07:18.000 It's a one-time asset seizure.
00:07:19.280 It's a one-time asset seizure.
00:07:20.660 Also, how are the billion?
00:07:21.760 Confiscation.
00:07:22.240 And we're talking about California.
00:07:23.620 Karl Marx is celebrating in his grave saying, my book, it's doing his job.
00:07:28.020 California?
00:07:28.640 That's why they're doing California.
00:07:29.460 I have a question on this.
00:07:31.700 So let's say they're tied up in assets and they have to pay the 5%.
00:07:34.460 Where does the money come from?
00:07:36.660 You have to sell.
00:07:38.220 They're obligated to sell.
00:07:39.900 You have to sell.
00:07:40.420 You have to sell.
00:07:41.400 So you've got a billion dollars.
00:07:43.180 These people think, like, if you're worth a billion dollars, it's a billion dollars in cash.
00:07:46.740 If you're worth a billion dollars, how much cash do you actually think you're sitting on?
00:07:49.540 Very little, actually.
00:07:50.580 What do you think the number is?
00:07:50.840 Most of them are negative cash flow.
00:07:52.100 What do you think the number is, Jeff?
00:07:53.260 If a person's worth a billion dollars, Tom, if a person's worth a billion dollars, how much cash do you think they're sitting on?
00:07:58.300 I know the investment habits of billionaires, and it would shock me if they had more than $50 million in cash.
00:08:04.780 I agree.
00:08:05.640 So check this out.
00:08:06.560 Do you know what that is?
00:08:07.580 You're a billion dollars.
00:08:08.800 You're sitting on less than $50 million of cash.
00:08:11.340 You're taxed 5% on your wealth.
00:08:12.900 $250 million.
00:08:14.620 That $50 million is gone with cash.
00:08:16.620 Yes.
00:08:16.920 So if you now have a – if you live in the state of California, you need to come up with $50 million.
00:08:23.760 You need to sell $100 million worth of new stocks or properties or art or bonds to get half of it to pay taxes to the state and then to take the other $50 million.
00:08:34.700 Did you understand what just happened?
00:08:35.500 It's crazy.
00:08:36.100 So it's not a 5% tax.
00:08:37.540 It's a 10% tax.
00:08:38.540 Yes, because you're paying tax on your capital when you pull out and you're paying capital gains tax.
00:08:43.260 16% to the city of California capital gains, 23% to the federal government.
00:08:48.100 And now you're sitting on 48%.
00:08:51.500 They take five out of that.
00:08:52.880 You're holding 41%.
00:08:54.320 Well, because it is.
00:08:55.160 You're right.
00:08:55.620 It's not a tax.
00:08:56.540 It's a confiscation.
00:08:57.940 It's confiscation, so you still have to pay tax before the confiscation.
00:09:01.040 The spirit of the tax is unbelievable.
00:09:02.660 I don't know how this is passing.
00:09:03.920 I don't know how nobody's talking about this.
00:09:05.220 That's the bigger issue.
00:09:06.260 That's the big issue because this passed in California.
00:09:08.500 They're going to try to do it somewhere else.
00:09:09.980 A little bit more like in disguise, a little smaller.
00:09:12.320 If they get it in California, this is going to be openly embraced in states like New York.
00:09:17.780 But people will run.
00:09:19.020 People will run before it comes into effect.
00:09:21.840 But if enough states do it, by the way, a lot of this is symbolic anyway.
00:09:26.560 It's not really about the taxes.
00:09:27.900 It's about, you know, they call it the Overton window.
00:09:30.280 It's shifting the Overton window to what is now acceptable.
00:09:32.760 It's now acceptable to demonize people who are successful and billionaires.
00:09:36.800 That's the main message here.
00:09:37.980 It's not about the taxes.
00:09:39.080 It's about it's 250 billion. 0.55
00:09:41.200 We hate these 250 billionaires.
00:09:42.560 They've stolen from you. 0.98
00:09:43.500 They've stolen your life.
00:09:44.380 The left has been playing that game for a very long time.
00:09:46.860 It has taken a darker turn lately.
00:09:48.380 Yes, it's taken a turn from rhetoric into action, which is where it's very scary.
00:09:52.480 They'll start off with billionaires.
00:09:54.480 Then they'll go to 100 million plus.
00:09:56.640 And they'll stop at 100 million.
00:09:58.060 You know why they'll stop at 100 million?
00:09:59.420 Because most politicians are just under that level.
00:10:02.300 Right where they're safe.
00:10:03.920 I think it was a tweet from Grover Norquist, you know, the tax guy.
00:10:08.220 He tweeted, I think it was Rokan, and said,
00:10:10.180 I will help you fill out the tax forms to donate 5% of your $200 million.
00:10:15.000 You first, basically.
00:10:16.580 Was there a video?
00:10:17.500 I think it was on Twitter.
00:10:19.840 What's this clip here?
00:10:21.000 Is this it?
00:10:22.540 It was a tweet that's saying if you.
00:10:25.020 I will help you fill out.
00:10:26.540 And this is the guy who thinks that nobody should ever pay any taxes,
00:10:29.140 Grover Norquist from the Tax Foundation.
00:10:31.260 He said, I will help you fill out the tax form to donate your 5%.
00:10:34.020 You start it.
00:10:35.280 A lot of liberals don't understand also that when they say,
00:10:38.700 Oh, if we just took Elon Musk's money and SpaceX's money, we could give everyone this.
00:10:43.660 They don't realize that the next year there would be no money that you would have no more Elon Musk.
00:10:49.380 You would have no more SpaceX. Well, there is no money. It's a business.
00:10:52.200 That's exactly what Elizabeth Warren did a week ago. Remember what she said? 0.70
00:10:55.680 If we took this, we could pay for child care for everybody in the USA.
00:10:59.140 And I posted that and I said, if you took everything from Elon Musk, you could only fund the federal government for 91 days.
00:11:05.960 Yes. And if you took that, it would not cover the difference between tax receipts and government spending this year.
00:11:13.160 OK, well, who are the trillionaires in line next year to steal all their money and then.
00:11:17.640 But it's not money. It's SpaceX is a business. You're right. You're not taxing money.
00:11:21.560 Again, that's it's the misconception. Double dumb. Double dumb. 0.99
00:11:24.360 But it's coming to a city near you. And you know who's going to pay price for it? California. 1.00
00:11:28.400 So here's a question. Of the 250 billionaires that they have, how many things will leave on the five percent deal?
00:11:33.960 Well, what do you think the over under is, Tom?
00:11:35.960 Of the 250 billionaires that California has, okay, how many – I think the number is more 223.
00:11:41.880 Rochanna said 250.
00:11:43.020 But let's just use the number 250.
00:11:44.860 How many billionaires do you think will leave the state of California?
00:11:47.260 I believe 50 of them will.
00:11:49.440 50 to 20 percent.
00:11:51.020 Correct.
00:11:51.440 So the other guys will stay there.
00:11:52.960 Well, or they'll start taking other measures.
00:11:57.380 Such as they're listening, Tom.
00:11:59.300 You may want to give them some insight.
00:12:00.460 So it hasn't passed the ballot yet, number one.
00:12:05.960 It's going to be on the ballot this year.
00:12:07.980 Who wouldn't vote for this?
00:12:09.280 Then it has to get implemented.
00:12:11.360 So depending on what deadline you put on it, I don't think you can do things like this retroactively.
00:12:17.660 Now we're going to go back to your grandfather, his own too.
00:12:20.140 I don't think you can retroactive.
00:12:21.560 So I think you have a window now to move your ownership of assets.
00:12:25.620 And I think some people will attempt to do that.
00:12:28.320 Can you move it to a Cayman Trust?
00:12:30.900 Can you do things?
00:12:32.060 Because they can't go back in time and say, unless, yeah, they can't go back.
00:12:37.780 They can try.
00:12:38.820 They can try.
00:12:39.580 I know that would tie everything up in courts forever.
00:12:43.260 But, yes, you can't go backwards.
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