#billionairetax

The New Republic | Deep Inside the Chaotic Politics of the California Billionaire Tax by Alex Thomas AI generated summary, Read the full article for complete information. The article examines California’s contentious “billionaire tax” and the political battle surrounding it. While grassroots signature‑gatherers—often gig workers—push the tax onto the ballot, a coalition of billionaires, led by Google co‑founder Sergey Brin, funds rival initiatives aimed at softening or repealing the measure, arguing it would drive them out of the state. Tax scholars such as UC Davis professor Darien Shanske and UC Berkeley economists Emmanuel Saez and Brian Galle have crafted the tax, projecting it could raise $100 billion over five years to fund health care, education, and food assistance. Opponents, including Governor Gavin Newsom and conservative media, claim the tax is poorly drafted and could spur a “wealth exodus,” though studies suggest emigration is minimal and driven by retirement or divorce rather than tax policy. The debate highlights challenges in valuing ultra‑wealthy assets, the role of ballot‑measure financing, and the broader struggle over progressive taxation in a state already carrying the nation’s highest marginal income rates. Read more: https://newrepublic.com/article/210236/california-billionaire-tax-newsom-brin #SergeyBrin #GavinNewsom #BillionaireTax #EconomicInequality #politics #DarienShanske

Opinion Voices | Contributor: Why billionaires shouldn't fuss over the wealth tax by Stephen Land AI generated summary, Read the full article for complete information. Billionaires and their allies are launching a fierce campaign against California’s proposed one‑time 5 % wealth tax on net worth over $1 billion, arguing that the measure is poorly designed, costly to administer, and would have little impact on the rapid growth of massive fortunes that benefit from untaxed “unrealized gains.” The article explains that while ordinary workers pay roughly 40 % of their earnings in federal, state and payroll taxes, billionaires can let appreciated assets swell without ever triggering income tax, effectively paying zero on most of their wealth. A genuine wealth tax would treat that appreciation like ordinary income, recapturing a large share of the revenue already lost to the public treasury and reducing the outsized political influence that billionaires fund through massive lobbying. It also notes that a modest 5 % levy would barely dent fortunes built on untaxed gains and calls for broader reforms—such as a federal Billionaire Minimum Income Tax and similar state initiatives—to address systemic inequality and ensure the ultra‑wealthy contribute at rates comparable to everyone else. Read more: https://www.latimes.com/opinion/story/2026-05-23/why-billionaires-shouldnt-fuss-over-wealth-tax #WealthTax #UnrealizedGains #BillionaireTax #TaxReform #EconomicInequality