Government Overreach? Why California’s Billionaire Tax Is Pushing Top Taxpayers Out | Elaine Culotti

The Daily Signal

News, Daily News, Politics, Government

4.8 • 1.4K Ratings

🗓️ 27 January 2026

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

It is starting to look like California may be separating people from their personal property and taxing that property through search and seizure, argues Elaine Culotti, a Daily Signal California contributor, in today’s special video commentary on the Golden State’s impending billionaire tax. “ There are 17.5 million people out of 40 million people that pay taxes in California. The top 2% or 1% or half a percent—200 guys—pay 47% of those taxes. If you create a wealth tax on those people, they are sure to leave, and it's not because of the 5% you're trying to charge them. People do not want to disclose their assets. They deem it unsafe, invasive, overreaching government, and unconstitutional. Taxation without representation.” 👉For more videos like this, subscribe to The Daily Signal’s YouTube channel and enable notifications to be alerted the second a new video drops: https://www.youtube.com/dailysignal?sub_confirmation=1 Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:28.0	vanta.com. It seems to me as though California is seeking to take personal property away from
0:35.9	individuals. It's starting very much to look like that is true.
0:40.4	There are 17.5 million people out of 40 million people that pay taxes in California.
0:46.9	The top 2% or 1% or half a percent, 200 guys, pay 47% of those taxes. If you create a wealth tax on those people,
1:01.7	they are sure to leave. And it's not because of the 5% you're trying to charge them.
1:08.1	It's because of the disclosures. People do not want to disclose their assets.
1:13.5	They deem it unsafe, invasive, overreaching government, and unconstitutional.
1:18.7	Taxation without representation.
1:36.4	I don't know. Hi, I'm Elaine Kalati for the Daily Signal.
1:51.8	I want to give you guys a wrap up on the politics in California and some of the things that are starting to come down that I think are going to really make a difference. So after the crazy, what do we call it, one-year anniversary of the fires,
1:57.8	Spencer Pratt jumped in the mayorial race, which, you know, I mean, God bless him. He and his wife,
2:07.2	Heidi, have lost everything. And like a lot of people in the Pacific Palisades, they're furious. And with good reason, I think. I think that everybody that lost their home in the Palisades and people that didn't lose their homes but can't, you know,
	...

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