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Nobel laureates say California billionaire tax will spark a global movement
Original: California’s billionaire tax will ‘kickstart a movement’ that spreads to more states, the federal government and other countries, Nobel laureates say
Several Nobel laureates have endorsed California's proposed tax on billionaires' unrealized gains, arguing it will 'kickstart a movement' that spreads to other US states, the federal government and other countries. They point to the explosive growth of the state's billionaire class in recent decades, which has made California one of the most unequal places in America, as justification for the measure.
Why now: California is weighing a first-of-its-kind billionaire wealth tax, and prominent economists backing it has reignited debate over taxing extreme wealth.
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Evidence
- California’s billionaire tax will ‘kickstart a movement’ that spreads to more states, the federal government and other countries, Nobel laureates say · Fortune
"The explosive growth of the state’s billionaires over the past few decades has made it one of the most unequal places in America."
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