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What's the story with the California wealth tax? Can somebody explain this to me? Okay.

So, the SEIU, the Service Employees Union, filed a ballot initiative, which means a directto voter vote to amend the California Constitution to introduce a one-time billionaire's wealth tax where billionaires, anyone who has assets over a billion dollars net of their debt, has to pay a one-time tax of 5% of their net worth, including their private stock, including their real estate. You said 5%. 5% of their net worth, not of their income, of their net worth, the entire net worth, onetime payment to the state of California, and then there's an allocation on how that money will be spent, but it's a onetime billionaire tax.

Now, it is very likely that this sort of an amendment to the California Constitution is not constitutional and actually cannot be made and will not actually go into enforcement even if the voters do vote to approve it in both a federal and a state level based on this concept of uniformity which is that you have to tax everyone equally except for the case of an excise tax which is like income or a transaction. You're allowed to tax disproportionately based on the size of the income or the size of the transaction. But if you're going to tax on property, if you're going to tax on an asset, you have to tax everyone uniformally.

So it is likely not going to go into effect if it does pass. However, it is very likely the case that the SEIU is simply using this as a baiting mechanism to get people to stand up and denounce it and then they will be in a position to attack those people and destroy them and use this effectively as a political fodder for this next election cycle.