UNHINGED Liberal Reporter LOSES IT Over Democrat State Business Leaders FLEEING Over Insane Tax!

California is considering a wealth tax that would impose a 5% levy on the total wealth of individuals worth a billion dollars or more. A significant and controversial aspect is that this tax would apply to unrealized capital gains, meaning individuals would be taxed on the paper value of assets like stocks before they are sold. Furthermore, a provision in the bill suggests that non-publicly traded assets, including super voting shares (like those held by Larry Page and Sergey Brin), could be valued based on their voting power rather than market price, potentially leading to a 'superized' tax far exceeding the actual net worth or market value of the shares.

The initial proposal mentions a tax on fortunes above $50 million, with a higher rate for billionaires (0:05, 0:26). The host details the unrealized capital gains aspect (7:05). Robert Frank explains the 5% tax on total wealth for billionaires and the specific concern regarding super voting shares, citing Larry Page and Sergey Brin's potential $60 billion individual tax liability if their super voting shares are treated as non-publicly traded (11:40, 12:08, 12:29, 12:35).

The host frames the proposed wealth tax and the reaction of its proponents as evidence of a 'far-left' ideology that believes the state is entitled to citizens' money and property for redistribution. This perspective is highlighted by tech reporter Kara Swisher's frustration with billionaires threatening to leave California, with the host quoting her as saying, 'You made all your money in California, you grateful piece of... you could figure out a way to pay more taxes.' This sentiment is seen as a 'mask off moment' revealing a disregard for property rights and the economic impact of such policies, driving wealthy individuals and businesses out of the state.

The host states that Democrats and liberals 'feel as if the state is entitled to your money and your property' (1:26). Kara Swisher's quote about billionaires being 'grateful' and owing taxes to California (4:00, 4:07). The host reiterates Swisher's sentiment as 'Shut the f up and pay your taxes' (6:53).

Critics argue that taxing unrealized capital gains demonstrates economic illiteracy, as it demands payment on wealth that is not liquid or readily available. This forces individuals to sell assets to cover tax liabilities, which is seen as anti-capitalist and anti-innovation. The host emphasizes that entrepreneurs already pay various taxes (income, payroll, property) and that such a tax would disincentivize wealth creation and drive innovation out of California, leading to long-term economic decline for blue states.

The host describes the tax as 'insane,' 'anti-capitalist,' and 'anti-innovation,' predicting it will 'drive entrepreneurship out of California' (7:51, 7:56). Mark Cuban's argument against a wealth tax on unsold assets, stating it would hinder his ability to take risks and fund ventures (9:30). The host reiterates that liberals are 'economically illiterate' regarding unrealized gains (15:21).