Loading ...Chamath Palihapitiya
@chamath
The Billionaire Tax is actually an Everyone Tax.
The Billionaire Tax is a new tax proposal written by four professors who don’t believe in the American dream. Some of them aren’t even American…go figure.
Despite its name, it applies to every California resident who currently has assets or ever will.
The creators named it the Billionaire Tax so you would get into a froth andwouldn’t look closely at what it actually does to you.
On page twenty-six, it explains how the government can convert to an Everyone Tax without voter approval.
They can also adjust the tax to be a yearly tax, not just one time…again, without your approval.
Here’s how the tax would work: As a voter, you’re being asked to approve a tax that would require you to:
1. list all your assets and the value of each, then submit them to the California Franchise Tax Board.
2. authorize the tax board to appraise your assets and confirm the value of each.
3. pay a penalty of up to forty percent of your tax bill if the board determines your reported value was too low in their opinion.
4. allow the tax board to subpoena your financial records from every one of your financial institutions for auditing.
This Everyone Tax runs 34 pages of shifty language describing how the government plans to take your assets. Read the fine print and decide for yourself.
If this were truly a billionaire tax, it would be 3 pages.
It’s 34 pages so that it can create the mechanisms to steal from all of you.