California Democrat Congressman Ro Khanna is proposing loans to California billionaires to pay a proposed 5% wealth tax

Because most of these billionaire have all their money in stocks, not cash sitting in a bank account, Democrat Ro Khanna wants them to take out loans from California to pay for the new wealth taxes they say they owe

This is insanity

Paying this wealth tax also forces these people to sell stocks which could means they lose majority control of their own companies

Here’s an example, take Jensen Huang, Nvidia CEO

• With a 5% tax bill he would owe: $9 billion

• If he were to take out this 10 year loan, he would owe monthly payments of $106.7 million

Total payments over 10 years $12.80 billion

So he would owe $9 billion in new taxes PLUS $3.8 billion in interest payments to California

California Democrats have lost their mind. Every Billionaire will leave the second this might pass

https://x.com/WallStreetApes/status/2090625908248105241