u/El_Warlon

Billionaire tax

Despite its name, it applies to every Californian who has assets or ever will. The government can convert this to an everyone tax per page 26 of the bill without further voter approval.

They can also change this from a one time tax, to an every year tax, again without voter approval.

Here's how it would work:

1)List all assets and value to Ca franchise tax board

2)Authorize tax board to appraise said assets and confirm the value.

3)Pay a penalty of up to 40% of your tax bill if the board determines your reported value was too low in their opinion.

4)Allow the tax board to subpoena your financial records from your financial institutions for auditing.

Billionaire tax

Despite its name, it applies to every Californian who has assets or ever will. The government can convert this to an everyone tax per page 26 of the bill without further voter approval.

They can also change this from a one time tax, to an every year tax, again without voter approval.

Here's how it would work:

1)List all assets and value to Ca franchise tax board

2)Authorize tax board to appraise said assets and confirm the value.

3)Pay a penalty of up to 40% of your tax bill if the board determines your reported value was too low in their opinion.

4)Allow the tax board to subpoena your financial records from your financial institutions for auditing.