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it may be that Newsom is critically aware that Biden's threat to tax the billionaires appropriately precipitated the billionaire coup against Biden. If the tax passes by a voter initiative, Newsom couldn't veto it, so all his words on this are strategic not serious.

Average citizens must pay taxes on the wages that they have *worked* to earn, but billionaires do not have to pay taxes on all the wealth that they have NOT worked to earn. How is that fair? Why is work taxed, while wealth is not? #TaxTheRich #EatTheRich #Inequality #Politics #Taxes #US #USA

I guess the good news is that Thiel's hedging his bets that *just maybe* we'll have democracy functioning to the extent that the CA Legislature will still be relevant. I mean if he was confident in his ability to destroy democracy, he wouldn't bother trying to affect the outcome of an election.

California has approximately 186 billionaires. Four loudly announced they have left the state because of a possible billionaire tax, which would be retroactive to 1/1/2026. So your scenario doesn’t carry water.