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#  The Billionaire Tax Is a Trojan Horse — And You’re the Target

April 27 2026

Written by Mihran Kalaydjian.

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THE BOTTOM LINE - California voters are being sold a simple story: tax billionaires, solve big problems, and make the system fair.

**It sounds clean. It sounds targeted. It sounds painless.**

But it’s not.

The most important thing about California’s proposed billionaire wealth tax is not who it targets today it’s the power it creates for tomorrow.

Right now, Californians still have a critical safeguard: if the state wants to impose a direct tax on wealth, it must go back to the voters. That protection exists for a reason. A tax on accumulated wealth is not just another policy tweak it is a fundamental expansion of government authority.

**This measure changes that.**

On the surface, it proposes a one-time 5% tax on billionaires’ property. But buried beneath the messaging is a far more consequential shift: it establishes the legal and constitutional framework for taxing wealth itself.

Once that door is open, Sacramento doesn’t need to ask again.

With a two-thirds vote something Democrats already comfortably control in both legislative chambers—the state can expand, modify, and deepen that tax. Lower the threshold. Broaden the base. Redefine what counts as taxable wealth.

**The real question isn’t whether billionaires can afford it.**

The real question is whether voters are about to hand Sacramento permanent authority over everyone’s net worth.

Supporters claim they’ve gathered 1.5 million signatures twice what’s needed to qualify for the ballot virtually guaranteeing voters will see this measure in November.

And the campaign will be predictable.

They’ll say billionaires have too much money. They’ll say California has too many needs. They’ll promise this affects only a tiny, ultra-wealthy sliver of society.

**That’s how these policies are always sold.**

First, it’s “just the rich.” Then the system gets built. Then the definition of “rich” starts to move.

A wealth tax is fundamentally different from anything Californians have experienced. It’s not based on income earned or transactions made—it’s a direct claim on what you own.

That means government must determine the value of your assets stocks, businesses, real estate, private holdings and decide how much of that accumulated wealth it can take.

To do that, it must build an entire enforcement apparatus: valuation systems, audits, compliance mechanisms, and collection tools.

**And once that machinery exists, it won’t sit idle.**

Because this measure isn’t really about a one-time tax it’s about creating the infrastructure for an entirely new category of taxation.

That infrastructure is the real prize.

Once it’s in place, the debate is no longer whether the state can tax wealth. That question is settled. The only question left is how aggressively Sacramento chooses to use that power.

And history offers a clear answer.

**Sacramento doesn’t stop. It expands.**

It expands programs. It expands spending. And when the math stops working, it expands revenue sources.

Anyone who believes that appetite will stop at billionaires isn’t paying attention.

Look at the state’s fiscal trajectory. Look at the structural deficits, the rising obligations, the constant push for new funding streams. Then ask a simple question: would a legislature with a built-in supermajority really leave this new taxing authority untouched?

**Of course not.**

This is why the fine print matters more than the headline.

The campaign will focus on fairness. The commercials will feature extremes. The messaging will be carefully crafted to make voters feel insulated.

**But the consequences won’t be limited.**

This is not just a tax proposal. It is a transfer of power from voters to politicians.

Approve it, and California won’t just tax billionaires.

It will redefine what can be taxed and who gets to decide.

**And once that happens, the target won’t stay where it started.**

*(Mihran Kalaydjian is a seasoned public affairs and government relations professional with more than twenty years of experience in legislative affairs, public policy, community relations, and strategic communications. A respected civic leader and education advocate, he has spearheaded numerous academic and community initiatives, shaping dialogue and driving reform in local and regional political forums. His career reflects a steadfast commitment to transparency, accountability, and public service across Los Angeles and beyond.)*

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