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Newsom bets big on Trump’s goodwill to shrink California’s budget hole

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Josh Altman sounds alarm on California wealth tax, says workers would pay the price


Discussing the matter Wednesday on "Varney & Co.," Altman said that seven billionaires he personally knows have already left California for other parts of the U.S., including Las Vegas and Florida.​
Though the proposed measure would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion, he argued it is not the billionaires who will suffer most.​
"It's the trickle-down effect. It's people, the hundreds of thousands of people that work for these billionaires. It's the trillion dollars in taxes that we're going to lose," he said.​
 
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Oh - look - gas stations in California are already closing - why?

Yes — some gas stations are closing in California right now, but the situation is more structural and regulatory rather than a sudden industry collapse. Here’s what’s actually happening as of early 2026:

Why Stations Are Shutting Down​

Regulatory compliance costs:
California enacted strict environmental rules requiring all gas stations to upgrade their underground fuel tanks to double-walled systems by the end of 2025 to protect soil and groundwater. Stations that can’t afford the expensive upgrades are closing instead of complying.
  • Some small, independent stations have already permanently closed because the cost of tank replacements was too high.
  • Others are closed on a temporary basis while owners work on required upgrades.

Localized Gas “Deserts”​

In rural or less populated areas, closures can create stretches with no fuel options — for example, a station in Orick on Highway 101 closed on Jan. 1, 2026, leaving a ~40-mile gap between service points on that highway.

️ Wider Energy System Changes​

It isn’t just stations — refineries are also being idled or closed in California (e.g., the Benicia refinery), which affects how gasoline is produced and supplied in the region.

Love AI!

 
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