by Monica Showalter, American Thinker:
fter losing billions in capital flight, thousands of companies and 1.4 million people in human flight, mocking them on the way out, you’d think the leftists running California in their one-party blue state would be a little circumspect with the remnants remaining.
You’d be wrong.
They went and drove another trillion dollars out as a grotesque measure likely to be placed on the California ballot, taxing billionaires at net worth on unrealized assets continues to gather signatures in a classic case of tyranny by the mob.
TRUTH LIVES on at https://sgtreport.tv/
According to tech venture capitalist Chamath Palihapitiya:
Unfortunate update as of today:
More calls from friends. The total wealth that has left California is now $1T.
We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left – taking their income tax revenue, sales tax revenue, real estate tax revenue… https://t.co/IQZFieRgL7
— Chamath Palihapitiya (@chamath) January 11, 2026
That’s a whole lot of money the leftists running the state can’t tax at all now. They will either have to cut the size of government, borrow more, or tax further down the scale to fill their multibillion-dollar budget hole (which could be as high as $18 billion) to pay for their bloated and fraud-filled government.
AT deputy editor Greg Richter has an incisive green-eyeshades analysis here.
My old colleagues at Investor’s Business Daily, at their Issues & Insights site, tackled the matter with green eyeshades here, too, zeroing in on the interesting timing.
Read More @ AmericanThinker.com
