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California's 250 billionaires worth $2.3 trillion, wealth tax debate reignites

Original: “The economists [who advocate for a California wealth tax] estimated that California’s 250 billionaires are collectively

Economists advocating a California wealth tax estimate the state's 250 billionaires are collectively worth $2.3 trillion. Their analysis found the income taxes these billionaires paid from 2019 to 2025 amounted to only 1.6% of their $1.4 trillion in wealth gains over that period. Supporters say the figures show the ultrawealthy are vastly undertaxed relative to their growing fortunes, fueling renewed calls for taxing unrealized gains.

Why now: Renewed push for a California wealth tax using new estimates of billionaires' wealth gains versus taxes paid.

CaliforniaCalifornia billionaireswealth tax advocates

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• “The economists [who advocate for a California wealth tax] estimated that California’s 250 billionaires are collectively worth $2.3 trillion, & the state income taxes they paid amounted to only 1.6% of their $1.4 trillion wealth gain from 2019 to 2025. “The number of… · Avonan@mas.to · 5

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