Daily Transmission - The Irony of the Billionaire Beast

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California’s Billionaire Tax Proposal

•  California’s controversial wealth tax proposal leaves billionaires with little way out - CNBC  : Details on the proposed one-time 5% tax on net worth over $1 billion.

•  California’s proposed Billionaire Tax Act ballot initiative - PwC  : Overview of the ballot measure, including phasing and revenue estimates.

•  25-0024A1 (Billionaire Tax) - California Department of Justice  : Official text of the proposed initiative, including tax rates and billionaire effective tax comparisons.

•  Expert Report On The California 2026 Billionaire Tax: Revenue, Economic, and Constitutional Analysis  : Economic analysis from UC Berkeley on the tax’s structure and impacts.

California Budget Deficit

•  First Look: Understanding the Governor’s Proposed 2026-27 California Budget  : Breakdown of the projected $2.9 billion deficit and spending priorities.

•  Governor Newsom announces proposed budget that refills the state’s “Rainy Day Fund,” protects previous accomplishments, and makes historic investments in education  : Official state announcement on the $348.9 billion balanced budget proposal.

•  Gavin Newsom forecasts a rosier California budget and banks on AI boom continuing  : Analysis of the “modest” $2.9 billion deficit and education spending increases.

Tech Industry Tax Avoidance

•  ‘Silicon Six’ accused of avoiding almost $278bn in US corporation taxes over 10 years - The Guardian  : Report on tax avoidance by Amazon, Meta, Alphabet, Apple, and others.

•  The Spotty International Tax Record of Big U.S. Technology Companies - Council on Foreign Relations  : Discussion of foreign profit shifting by tech giants like Apple and Microsoft.

•  Fifteen Companies Each Avoided More than $1 Billion in Taxes from a Single Trump Tax Cut – ITEP  : Examples of tech firms like Meta and Microsoft benefiting from tax loopholes.

•  Silicon Six: Three ways to close big tech’s enduring tax gap - Fair Tax Foundation  : Strategies to address ongoing tax avoidance in the tech sector.

Gig Worker Protections (Prop 22)

•  Gig work: No one’s enforcing Prop. 22 in California - CalMatters  : Critique of Prop 22’s implementation and lack of enforcement for pay and benefits.

•  2020 California Proposition 22 - Wikipedia  : Summary of the ballot measure classifying gig workers as independent contractors.

•  Prop 22 Depresses Wages and Deepens Inequities for California Workers - National Equity Atlas  : Analysis showing lower effective wages for rideshare drivers under Prop 22.

Property Taxes (Prop 13 and Commercial Properties)

•  How Prop. 13 gave California’s richest corporations a multibillion-dollar tax break they didn’t want - CalMatters  : Explanation of how Prop 13 benefits large corporations with outdated assessments.

•  Proposition 13 - LA County Assessor  : Official overview of Prop 13’s 1% tax limit and assessment rules.

•  California Property Tax: An Overview - Board of Equalization  : Details on Prop 13’s impact on real property taxes since 1978.

Homelessness Crisis

•  California sees drop in unsheltered homelessness, bucking national trend and federal headwinds  : State report on a 9% drop in unsheltered homelessness in 2025.

•  Homeless Population by State 2026 - World Population Review  : Statistics showing California’s ~161,548 homeless population, highest in the U.S.

•  California’s Response: Facts About Homelessness - California Health Care Foundation  : Data on 339,087 experiencing homelessness in 2023, with demographics.

School Funding

•  Financing California’s Public Schools - Public Policy Institute of California  : California’s ranking as 16th in per-pupil spending, up from lower historical ranks.

•  Per Pupil Spending by State 2026 - World Population Review  : National comparisons, with California at ~$14,840 per pupil.

•  K-12 Education Spending Spotlight 2025: Annual public school spending nears $1 trillion - Reason Foundation  : California as one of eight states spending over $25,000 per student.

Billionaires Threatening to Leave California

•  A Wealth Tax Floated in California Has Billionaires Thinking of Leaving - The New York Times  : Coverage of billionaires like Larry Page considering exits due to the tax proposal.

•  Do Billionaires Really Move To Avoid Wealth Taxes? - Forbes  : Analysis questioning if wealth taxes truly cause mass exoduses.

•  Wealth tax threat prompts at least six billionaires to cut ties with California, with about 20 more mulling exit: report  : Report on ~20 billionaire families considering departure.

Proposals to Close Tax Loopholes

•  Legal Loopholes: How Corporations Reduce Their California Tax Bill - California Budget and Policy Center  : Ideas like closing the “water’s edge” loophole for multinational corporations.

•  Gavin Newsom’s intriguing proposal to close a tax loophole - CalMatters  : Discussion of closing loopholes for wealthy individuals to avoid state income taxes.

•  Four-Part Series Exposes How Corporate Tax Loopholes Drain Resources from Californians - California Budget and Policy Center  : Series on loopholes like profit shifting and potential revenue gains from reforms.

•  A Simple Fix for a $17 Billion Loophole: How States Can Reclaim Revenue Lost to Tax Havens - Institute on Taxation and Economic Policy  : National strategies applicable to California for addressing tax havens and inversions.

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George (00:00)
Daily Transmission The Billionaire Beast California just passed a billionaire tax targeting people with 1 billion plus in wealth 1.5 % annual tax on net worth above 1 billion projected to raise 5 to 6 billion annually from 200 people. The headlines say California fights inequality making billionaires pay their fair share progressive victory

But here's what nobody's saying. These same billionaires built the system that now needs to tax them to survive. They lobbied for the tax breaks. They funded the politicians. They shaped the policies. They offshored the profits. They gutted the tax base. And now the state they hollowed out is coming back to them, hat in hand, begging for scraps to fund basic services. This isn't injustice.

This is a Frankenstein story. You built the monster, now it needs feeding, and you're surprised it's hungry? California's billionaire tax isn't progressive policy. It's an admission that the system these billionaires designed has failed so completely that even they have to prop it up to prevent total collapse. The beast they built is eating them, and it is hilarious. They only have themselves to blame.

Here's what's actually happening. The billionaire tax details. 1.5 % annual tax on wealth above $1 billion. It affects 200 people. Zuckerberg, Larry Page, Sergey Brin, Lauren Powell Jobs, etc. It's expected to raise $5 to $6 billion annually. It's supposed to fund education, health care, climate programs. Here's why California needs this. A $68 billion budget deficit projected. Schools underfunded.

Homelessness crisis, infrastructure crumbling, housing crisis, healthcare costs exploding. The narrative is tax the rich to save California. The irony that you need to understand is that these exact same billionaires created this crisis. Let me show you how. They lobbied for corporate tax cuts. An example is the tech industry tax avoidance. Apple, Google, Facebook.

They shaped California and federal tax policy through billions in lobbying, $120 million annually by the tech sector, campaign donations to both parties, a revolving door between tech executives, government, and then back to tech. Here's what they lobbied for. Corporate tax rate cuts 35%, 21 % federally. Stock buyback legalization instead of wages or taxes.

tax breaks for R &D, which they defined broadly to include everything. International profit shifting loopholes, Ireland, Netherlands, the Cayman Islands. The result, Apple paid 1.9 % effective tax rate internationally. It should be closer to 21%. Google shifted $23 billion through Dutch-Irish structure in one year.

Facebook paid zero federal income tax in 2018 despite a $15 billion profit. California lost tens of billions in tax revenue that would have funded schools, healthcare, infrastructure. They created the deficit by not paying taxes. Now they're being asked to fill it. They fought living wages while exploding costs. Tech wealth concentration in California. Here's what happened.

The tech boom made founders billionaires. They hired hundreds of thousands of workers, but fought unions, livable wages, and benefits. Here's the example. Google, market cap, $1.7 trillion. The founder's worth $100-plus billion each. But over 50 % of Google's workforce are contractors with no benefits, lower pay, no stock options.

They lobbied against minimum wage increases. They fought gig worker protection. Prop 22 spent $200 million to defeat worker protections. The result? Housing costs exploded. Billionaires plus high paid engineers drove up prices. Service workers can't afford to live near their jobs. Working class exodus from California. Tax base erosion. Working class people pay higher effective tax rates than corporations.

State loses revenue, services decline. They suppressed wages, drove out the tax base, and now they're surprised the state is broke. They shaped zoning to protect their property values. Here's a perfect example of building the beast. Tech billionaires in places like Palo Alto, Atherton, Los Altos, they own massive properties. They lobby local governments for strict zoning. They prevent high density housing. They block affordable housing developments.

They fund NIMBY organizations. Why? Because it protects their property values. It keeps undesirables out. It maintains exclusive neighborhood. The result? Housing crisis intensifies. Working people can't afford housing. Homelessness explodes. State spends billions on homeless services. Schools lose funding because property tax structure is broken. Infrastructure crumbles because tax base hollowed out.

They created the housing crisis to protect their wealth. Now that crisis is bankrupting the state. They offshored profits while demanding infrastructure. The double extraction, what tech companies really did, built businesses in California using California University's infrastructure and talent, made hundreds of billions in profits, shifted those profits to Ireland, the Netherlands, the Cayman Islands, and paid almost no tax.

Then they demanded better highways for their workers, better airports for their travel, better schools for their kids, private but using public subsidies, better infrastructure for their data centers. a specific example is Amazon. They used California infrastructure extensively, roads for deliveries, airports for shipping. They fought collecting sales tax for years. They paid minimal corporate tax, the federal effective rate under 5 % most years.

Now California infrastructure is crumbling. The state can't fund repairs because Amazon didn't pay taxes. They extracted wealth using public infrastructure, paid nothing to maintain it, and now they're shocked it's falling apart. The Prop 13 connection. And in this instance, I'm talking primarily about the, not so much the individual owning houses, but like the corporate structure of it.

This is a critical context right here. The original beast builder. Prop 13, capped property tax increases at 2 % annually based on purchase price, not current value. Commercial property, that's what I'm talking about. Commercial property gets the same protection as residential. Here's who benefits from that. Corporations who bought property decades ago. Disney bought land in the 50s, pays taxes based on the 1950s values. Tech...

companies bought campuses in the 1990s. They pay 1990s rates. Billionaires in old mansions pay less property tax than teachers in new condos.

The current situation. Why the billionaire attacks now? The system is breaking down so obviously that even they can't ignore it. Homelessness. 181,000 plus homeless in California. 30 % of the US total. Tent cities visible, blocks from tech campuses. They can't hide it anymore. It hurts property values, quality of life, even for billionaires.

Schools. California ranks 41st in per pupil spending. Teacher shortage, crumbling facilities, even private schools are affected. You can't hire teachers who can't afford housing. Infrastructure. Roads, bridges, water systems failing. It affects even the billionaires. They drive on the same crumbling highways. Wildfire risks. It affects wealthy areas too. Paradise, Malibu fires. The realization.

You can only extract so much before the system you're extracting from collapses. And when it collapses, even the billionaires suffer. Declining property values, infrastructure failure, social instability, talent exodus. The billionaire tax isn't progressive. It's minimum maintenance on a system they broke. The rich irony. Let me make sure you see the full picture. These billionaires, they lobbied for tax cuts.

State loses revenue. They shifted profits overseas. State loses revenue. They fought wage increases. Workers pay less tax. State loses revenue. They blocked housing developments, housing crisis, homeless service cost billions. They funded Prop 13 protections, demanded infrastructure improvements without paying for them. Then the state goes broke, services collapsed, crisis becomes visible.

State comes back asking for money, a billionaire tax, and now billionaires are complaining about the tax, threatening to leave California. They're claiming this is unfair. I got news for you guys. You built this system. You shaped these policies. You gutted the tax base. And now you're mad that the predictable result of your policy preferences requires you to write a check?

The threatening to leave response. This is the most hilarious one ever. Some of these billionaires are threatening to move. Their argument, a 1.5 wealth tax is confiscatory. We'll move to Texas. We'll move to Florida. California is driving away businesses. My response? Go ahead. Leave. No one cares. You guys are not that important. Here's why this threat is hollow. You guys have already taken what you needed from California.

California provided Stanford, Berkeley, Caltech, educated your entire workforce. Venture capital networks, they funded your companies. Regulatory environment, lax privacy laws, help tech grow. Infrastructure, highways, airports, ports. Immigration, how about this one guys? H-1B workers, international talent, culture. You extracted all that value. Now you're threatening to leave?

when you're asked to pay for maintaining the system that enriched you? That's not business savvy. That's theft.

Number two, Texas and Florida will build their own beast. If billionaires move to Texas or Florida in mass, you know what's going to happen? Housing costs in Austin and Miami are going to skyrocket. They already are. The infrastructure can't handle the influx. It's already showing cracks. Schools are already overcrowded. Services are already strained. Texas and Florida are going to face the exact same crisis. You guys can't run. Maybe you could run, but you can't hide, man.

You can't hide. Here's what's going to happen. Texas and Florida pass their own billionaire taxes. Billionaires threaten to leave again. Where are going to move? To Wyoming? South Dakota? You can't outrun the consequences of destroying tax bases. The beast follows you. You can't actually leave. Where are you going to go? You're to run your tech company? All the talents right here in California,

You're going to access venture capital? Networks are in California. We're going to recruit your engineers from? Maintain quality of life? Texas has worse infrastructure, worse schools, climate disasters. You're threatening to leave, but you'll keep your companies here. You'll keep your properties here. You'll visit constantly. You'll maybe shift legal residents, but still benefit from California. It's a giant bluff and everybody knows it. Here's the deeper pattern. This isn't just California.

It's everywhere. The same pattern globally. Billionaires shape policy to benefit themselves. Tax cuts, deregulation, privatization, wage suppression. If you want a global example, go back and look up where Putin goes and just has it out with their posca. It's the exact same thing. The policy creates the crisis. Inequality.

infrastructure decay, social services collapse, environmental destruction, the state becomes desperate. They can't fund basic services. Legitimacy threatens social instability. The state comes to the billionaires with a wealth tax. Same thing happened in France, Spain, mansion taxes. Same thing in Los Angeles. Windfall profit tax, desperate revenue grabs, and the billionaires complain, it's unfair. We're going to leave.

You're punishing success, ignoring that they built this system. The real question is, why isn't the billionaire tax higher? This is serious question. If California needs $68 billion to close deficit and restore services, and there are 200 billionaires with a combined wealth of $1 trillion, 1.5 % tax raises $6 billion.

That's less than 10 % of the deficit. Why not a 5 % wealth tax, $50 billion annually? How about a 10 % wealth tax, $100 billion annually? Or just property tax corporations and closed loopholes? The answer is because even this progressive tax is designed by and for billionaires. They still control the policy. The billionaire tax is not threatening them.

It's the very minimum they calculated they need to pay to prevent total system collapse while maintaining control. Here's the real solution nobody's proposing. If you actually wanted to fix this, you wouldn't need a billionaire tax. What you would need to do is close corporate tax loopholes, end profit shifting to tax havens, actual enforcement of existing tax law,

This would raise $30-50 billion annually in California alone. 2. Repeal Prop 13 for commercial property. Tax commercial property at current value. It would raise $12 billion annually. Corporations should pay their fair share. 3. Wealth tax on all wealth over $50 million. Not just billionaires, centimillionaires too. This would raise $20-30 billion annually. Actually progressive.

Number four is the financial transaction tax, 0.1 % tax on stock trades. This would raise 10 to 15 billion annually in California. It targets the speculators, not productive investment. Crackdown on wage theft and contractor misclassification, enforced labor laws, raise wages which raise income tax revenue, would raise five to 10 billion annually. Combined all of this would raise

between $77 and $117 billion annually. That would close the deficit, fund schools properly, build housing, fix infrastructure, address homelessness without depending on 200 billionaires' goodwill. And I hear you, I know what you're going to say, what about the corrupt politicians? I hear you. They're one in the same. They're one in the same. But they won't do that. And here's why. Because billionaires still control policy. The billionaire tax is political.

Minimum viable payment designed to look progressive while changing nothing fundamental. doesn't close corporate loopholes, doesn't reform Prop 13, tax wealth broadly, it does not address root causes. It's a band-aid on a gunshot wound and the people applying the band-aid are the ones who fired the gun. The real lesson, here's what this reveals. You cannot reform a system the powerful design.

TeleForce Billionaire Tax proves even when system is obviously failing, even when homelessness is visible everywhere, even when schools are crumbling, even when infrastructure is collapsing, the solution is still designed by and for billionaires. 1.5 % wealth tax that raises 10 % of needed revenue while leaving corporate loopholes untouched. That is not a solution. That's a protection racket.

Pay us this small amount so we don't have to actually change the system that made you rich. That is what's going on. Tonight's action, 90 seconds, follow your state's money. Do this. Google your state's biggest company's tax rate. See what corporations actually pay compared to what you pay. Google your state's corporate tax at loopholes. See what legal dodges exist. Notice who lobbied for them. Google

your state billionaire political donations. See who funds your politicians. Notice what policies those politicians support. Ask yourself, is my state's budget crisis random? Or did specific people shape policy for their benefit and create predictable results? The pattern is everywhere. New York, Illinois, Texas, Florida, billionaires build systems to avoid taxes.

Systems collapse from lack of funding. States pass desperate revenue measures. Billionaires complain it's the same story in every single state. The coordination. This connects to everything we've discussed. Remember the engineered collapse episode? This is how they engineered it. Gut tax base, underfund services, create crisis, offer privatization as the solution. Everyone's hearing this.

This idea about privatizing everything and this is what's going to lead to it. And that's how you consolidate control. California's billionaire tax is step three. The crisis is now visible, undeniable, affecting even the wealthy. Next comes step four. Government can't fix this. We need private solutions. Let's privatize schools, roads. Let's privatize the water. Billionaires buy public assets at distressed prices. Look at the paradise fires.

Check out my friend Adam Carolla. He'll tell you what's going on over there. The beast they built doesn't eat them. The beast creates opportunities for them to own even more. That's what's on deck, ladies and gentlemen. The beast they built isn't coming for them. It's working exactly as designed. Extract wealth through tax avoidance, let the public services collapse, pay minimum to prevent total breakdown,

by public assets during the crisis consolidate control. The California billionaire tax is not justice, it's tribute, a small price for maintaining the system that makes them billions. And they'll pay it grudgingly, loudly, threateningly, but they'll pay it because the alternative is actual reform. And that might actually cost them something. Think about that for a few seconds. I'll count them off for you. 1,001, 1,000.

⁓ 2003. Feel that silence? That's the sound of a system eating itself, built by billionaires, maintained by their policies, now feeding on their wealth, and they only have themselves to blame. George Moni, True Life Podcast. The beast they built is hungry. They're shocked it wants feeding. Stay clear-eyed, stay unsympathetic.

do me a huge favor and share this podcast. This particular message with everybody out there so everyone knows what's going on. When we name the propaganda, when we see through the bullshit, everything becomes a little bit more clear and you become less of a victim. Thanks for your time today. Aloha.