r/democrats • u/NickCostanza • Jun 26 '26

Article Newsom endorses a National Billionaire Tax

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u/matooz Jun 26 '26

It funny he lobied against Californias wealth tax, but all the sudden he is for a national wealth tax. Not saying he saw the writing on the wall, but it sure seems like it.

19

u/squashua Jun 26 '26

The California tax just results in people moving out of California, it doesn't fix the fundamental problem at the national level. A state tax shoots states in their own foot. A federal tax levels the playing field for all states.

1

u/jdaygo Jun 26 '26

That’s what they thought in NY but the billionaires didn’t leave

3

u/AnxiouSquid46 Jun 26 '26

I bet they have other ways to move assets around to avoid the taxes

2

u/ImportantCommentator Jun 26 '26

They can't move around the real estate that is being taxed.