"We live in a nation where the richest 1% owns 30% of all wealth in the US. And the system is clearly set up to favor the mega-rich investor class. Billionaire investor Warren Buffett complained for years that he has a lower tax rate than his own secretary, and it has been brought up in many political campaigns that billionaires pay a lower tax rate than teachers and nurses."
"There's a signature drive to put a 5% billionaire tax on the California ballot. It has not collected even one signature, but the billionaires are freaking out on Twitter with grand tantrums saying they will leave the state en masse. To be clear, the Billionaire Tax Act in California is not (just) an unrealized gains tax. It's a 5% across-the-board confiscation of net worth. It applies even if one has already realized and paid taxes on the entire amount."
A signature drive seeks a one-time 5% tax on billionaires' net worth in California but has not yet collected any signatures. Wealthy individuals responded with social media outbursts threatening to leave the state en masse. The richest 1% holds roughly 30% of US wealth, reflecting systemic advantages for the mega-rich investor class. Warren Buffett noted lower effective tax rates for some billionaires compared with their employees. High-net-worth figures including Elon Musk, Jeff Bezos, and George Soros reportedly paid no federal income tax in some years, contributing to unprecedented income inequality. The proposed measure would levy a 5% across-the-board tax on net worth, including realized and previously taxed amounts.
Read at sfist.com
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