Republican California gubernatorial candidate Sheriff Chad Bianco discusses Governor Gavin Newsom’s, D-Calif., record and the state of the race on ‘Sunday Night in America.’

California didn’t become the world’s fifth-largest economy by accident. Silicon Valley wasn’t built by regulators. Hollywood didn’t turn into a global storytelling powerhouse because of government planning. California was built by entrepreneurs, risk-takers, and innovators who believed in capitalism and the simple American ideology that if you work hard, take risks and build something valuable, you should be rewarded. 

That’s why California’s newly proposed billionaire tax should alarm anyone who still believes capitalism works. This proposal isn’t just another tax hike. It’s a fundamental shift away from the very system that makes Americans prosperous as a nation. 

Under the plan, California would impose a one-time tax on residents with net worth over $1 billion, targeting "wealth" rather than income. That includes unrealized gains, which means stock ownership, private company equity and illiquid assets that exist on paper. Wealth isn’t always in checking accounts. Supporters call it fairness, but it’s a tax on success before success is ever realized. 

Here’s the part most politicians ignore. Billionaires don’t necessarily sit on piles of cash. Their wealth is overwhelmingly tied up in businesses, real estate stock holdings and their private companies. When the government demands a massive check based on........

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