🦋bluesky first seen 1 d ago, last 1 h ago, peak #18
California weighs billionaire wealth tax
California lawmakers are considering a tax on the wealth of the state's billionaires, a proposal that would make it one of the first US states to levy a direct tax on extreme fortunes rather than income. Supporters argue it would raise revenue for public services from those with vast untaxed assets, while critics warn it could drive wealthy residents to relocate and face legal challenges. The debate feeds into a wider national argument over taxing the ultra-rich.
Why now: Debates over taxing extreme wealth are prominent in US politics, and a major state moving on the idea draws broad attention.
CaliforniaCalifornia legislaturebillionaires
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