All of these socialist Democrats' plans will backfire just like it did in Norway.
They predicted $146 million in new money from the rich, but once the rich Norwegians left, the government had lost $594 million.
Guess who gets to pick up the slack?
The average Norwegian. pic.twitter.com/S7JJjisqpF— Kildzr 🇺🇲 (@kildzr) April 27, 2026
The 2026 Billionaire Tax Act initiative has gathered enough signatures and is heading for the November ballot. It hits residents with over one billion dollars net worth with a one time five percent tax on their assets to raise money for healthcare and other programs.They’re targeting the states top wealth creators to plug the massive hole caused by giving illegal immigrants free healthcare through Medi-Cal. That expansion blew past all cost estimates and is burning billions. Original numbers were way too low and it helped widen the deficits.
Newsom backed the big spending but is now scrambling with enrollment freezes and cuts while the budget bleeds. Hes against the tax but the damage is done as high earners and businesses keep bolting. He pushed the expansions then froze new undocumented adult sign ups starting January 2026 plus added premiums and trimmed benefits.