> First off: In CA we have prop 13, which prevents CA assessor from taxing your home
Aw gosh too bad there's no way to change a law with another law huh? Oh wait... this Act modifies Article XIII of the state constitution - the same Article that you refer to as "prop 13" - to allow the assessment and tax. Turns out it's rather easy to change a law with another law, 'cause the thing you cited has been amended at least nine times so far.
"The taxes levied by this Act are not "ad valorem taxes on real property" for purposes of Section 1 of Article XIIIA. To the extent any provision of Article XIIIA would otherwise be construed to limit, restrict, or apply to the rate, base, valuation, or imposition of the tax authorized by this Section, that provision shall not apply to, and is superseded by, this Section."
Womp womp, Mr. Moneybags.
> Second, If you've been through IPO you would know this:
And how is that anyone's problem but the billionaire's? Okay, so you can't liquidate stocks for a few months... that does not change your net personal wealth assessment, and it's your net wealth that's being taxed not each specific asset, nor is each specific asset required to be used to pay its own apportionment of the tax.
> Those nice fat numbers will drop considerably
"For all publicly traded assets, the fair market value of the asset shall be presumed to be the asset's market trading value on the valuation date..." ""Valuation date" means December 31, 2026"
So as far as stocks go, whatever the market value is on December 31st of this year is what your tax assessment will be based on, along with the value of everything else you own on that specific date. Market volatility doesn't factor into anything when the valuation is based on a one-time snapshot on a specific date.
Nothing of what you said is applicable because you do not understand what is being proposed nor, apparently, the existing law.
=Smidge=