🦋bluesky first seen 4 d ago, last 50 min ago, peak #2
California weighs tax on billionaires' wealth
Original: California weighs billionaire wealth tax
California lawmakers are considering a tax on the wealth of the state's billionaires, rather than only taxing their income. The proposal targets the ultra-rich as the state faces budget pressure, and it would apply to large fortunes regardless of whether assets are sold. Supporters say it would make the state's wealthiest pay a fairer share, while critics warn it could push billionaires and their money out of California. Debate is growing over whether other states might follow.
Why now: California's budget pressures and national debates over taxing the ultra-rich have put the billionaire wealth tax proposal back in the spotlight.
CaliforniaCalifornia legislaturebillionaires
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