US EditionWhy billionaire tax would backfire and haunt California
4 Articles
4 Articles
Why billionaire tax would backfire and haunt California
California is home to more billionaires than any other state, and they already shoulder a disproportionate share of the state tax burden. Yet California is considering a ballot initiative based on the familiar fantasy that the state’s fiscal problems and policy ambitions can be solved by further taxing the rich. The proposed 2026 ballot initiative would go further than anything previously attempted, imposing a one-time wealth tax on California r…
California evaluates a one-time 5% tax on the net worth of its richest residents (millionaires) in 2026, in order to raise funds. Scott Ellis is one of those. 55-year-old Millionaire lives in Silicon Valley and is a member of Patriotic Millionaires, a group of wealthy Americans who advocate a fair tax system, a decent salary and equal access to political power. First person tells their reasons not to escape the Treasury. This is my story...I nev…
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