Why a vote on taxing California’s billionaires is being watched around the world

Why a vote on taxing California’s billionaires is being watched around the world

A billionaire tax would raise some revenue, but structural fixes are needed to address the root causes of wealth inequality. The post Why a vote on taxing California’s billionaires is being watched around the world appeared first on Crikey.

A single vote in CA is being watched around the world

In November, California will vote on a proposal to levy a one-off 5% tax on the wealth of all billionaires in the state.Google co-founder and billionaire Sergey Brin has already spent US$100 million on political donations to a group opposing the tax. Brin is hoping to avoid a potential tax bill of US$13 billion, a return of roughly 130 to 1 if that investment is successful.Advocates of the billionaire tax claim it would raise US$100 billion in r…