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Townhall Review | Conservative Commentary On Today's News

Carol Platt Liebau: California’s Progressives Eyeing Other People’s Mon

Townhall Review | Conservative Commentary On Today's News

Salem Podcast Network

News, Politics, News Commentary

4.5715 Ratings

🗓️ 2 June 2026

⏱️ 2 minutes

🧾️ Download transcript

Summary

California’s progressives are eyeing other people’s money. Again. The proposed “Billionaire Tax Act” would amend the state constitution to impose a one-time five percent tax on residents with a net worth above a billion dollars.

Supporters say it’s just a one-time levy for worthy causes. But experience says “one time” rarely means one time, and the unintended consequences are real.

The measure has yet to go before voters, but the threat alone has already pushed almost forty percent of California’s billionaire wealth out of the state. Gone. Along with it: income taxes, sales taxes, property taxes, and the charitable giving those individuals once supported.

Wealth is mobile. It goes where it’s treated well. And it’s not hard to see why.

California should remember that before it drives even more of its tax base away.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Americans may not agree on much, but we agree on Social Security.

0:04.8

We all pay in. It ought to be there when we need it.

0:08.1

Social Security could face a funding gap in less than a decade, and I don't want to see a pay cut.

0:14.4

I'm with AARP in the fight to protect the Social Security we earned.

0:19.1

Pledge to protect Social Security at aARP.org

0:22.8

slash we earned it.

0:24.4

That's aARP.org slash we earned it.

0:28.0

Paid for by AARP.

0:31.2

This is Carol Platt Lebo for townhall.com.

0:35.2

California's progressives are eyeing other people's money. Again, the proposed

0:39.9

billionaire tax act would amend the state constitution to impose a one-time 5% tax on residents with a

0:46.8

net worth above a billion dollars. Supporters say it's just a one-time levy for worthy causes,

0:52.8

but experience says one-time rarely means one-time,

0:57.3

and the unintended consequences are real. The measure has yet to go before voters, but the threat

1:03.2

alone has already pushed almost 40% of California's billionaire wealth out of the state. Gone,

1:10.1

along with it, income taxes, sales taxes,

1:13.6

property taxes, and the charitable giving those individuals once supported.

1:18.3

Wealth is mobile. It goes where it's treated well, and it's not hard to see why.

1:23.8

California should remember that before it drives even more of its tax base away.

1:30.2

When the world is just too much, turn it off and turn on positive, encouraging K-love.

1:39.8

I'm going to praise. I'm going to praise.

1:41.6

World off.

...

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