Newsom's $100B Billionaire Tax Will Drive California's Last Wealthy Out

California's SEIU-UHW union is pushing a ballot initiative that would slap a 5% excise tax on net worth above $1 billion — targeting roughly 200 people across the entire state and projecting $100 billion over five years. The money is supposed to fill the Medi-Cal hole left by federal funding pullbacks. The problem: it's a one-time tax aimed at people who already have the best lawyers on the planet, the capital to relocate overnight, and every financial incentive to do exactly that.Sean breaks down why this is a house of cards from the start. The "full-blown panic among the ultra-wealthy" framing is clickbait — billionaires aren't panicking, they're strategizing. Between asset restructuring, legal challenges, and simply finishing the move out of state they were already making, the $100B projection is a fantasy. And the internal math only gets worse when you factor in that opponents are already outspending supporters, and Planned Parenthood is sitting on the other side of the table from the union pushing this thing.The deeper play is precedent. If California gets this through — a real long shot — it becomes a national litmus test for wealth taxation, and Newsom gets a new talking point about a social contract that's really just a funding patch for a program increasingly serving people who shouldn't qualify. Washington's millionaire tax saga plays out the same way: the money disappears before the ink dries. This isn't fiscal policy, it's a very expensive flag run up the pole.Subscribe to @reasonablenews for daily conservative commentary on Pacific Northwest and national politics — new episodes every weekday.#Seattle #PrideParade #CultureWarGO PREMIUM WITH REASONABLE+ FOR UNCENSORED ACCESS 🌟https://ReasonableTV.com/🛍️ MERCH - https://Store.ReasonableTV.com/💬 JOIN our FREE Discord Community! Share stories, chat with fellow enthusiasts, and stay in the loop: https://discord.com/invite/uJGWFpgDcY👍🏼 SMASH that LIKE button & SUBSCRIBE for daily videos that dive into the latest news! https://youtube.com/c/NewsForReasonablePeopleSTAY CONNECTED:🔗 Rumble - https://Rumble.com/c/NewsForReasonablePeople🔗 Facebook - https://www.Facebook.com/NewsForReasonablePeople🔗 iTunes - https://Apple.co/2MkFziJ🔗 Spotify - https://Spoti.fi/2Dh8EoL