05/26/2026
California’s proposed wealth tax would be 5% over 5 years. If this applied to only the wealthiest 8 billionaires, that would be $12 billion in year 1. With a 30 year average increase in the stock market, their wealth tax would be replenished in less than a year. Tell me why we should not be doing this nationally? The wealthy have benefited from a mass distribution of wealth to the top 1% since Reagonomics in the ‘80s. It’s time to have the ultra wealthy pay a fraction of their fair share.
Data source NYTimes article, “The case for California’s Billionaire wealth Tax” by economists Emmanuel Saez and Gabriel Zucman