#economicinequality

California's Billionaire Tax Should Be Just the Starting Point #California #EconomicPolicy #EconomicInequality #WealthInequality #TaxReform https://capitalandmain.com/californias-billionaire-tax-should-be-just-the-starting-point

The New Republic | The Important Missing Word That Discredits the Centrists’ New Letter by Michael Tomasky AI generated summary, Read the full article for complete information. In his piece, Michael Tomasky criticizes a recent letter from moderate Democrat Tom Suozzi and fourteen colleagues that lauds capitalism while conspicuously omitting the single word that undercuts their rhetoric—“monopoly.” He argues that monopoly, not democratic socialists or the government, is the chief threat to genuine competition and that centrist Democrats must confront it if they hope to unite with the increasingly left‑leaning base of the party. Citing rising economic inequality (the U.S. Gini now at 42), the surge of self‑identified democratic socialists, and poll data showing progressives now outnumber moderates, Tomasky urges the party to adopt clear policy commitments—higher taxes on the rich, a solvable Social Security, an $18‑minimum‑wage indexed to inflation, a permanent child‑tax credit, and robust antitrust action—so that Democrats can fight the billionaire “Epstein” class, restore competition, and avoid electoral defeat in 2028. Read more: https://newrepublic.com/article/212449/missing-word-discredits-centrists-new-letter #TomSuozzi #DemocraticParty #Monopoly #Antitrust #economicinequality

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