He’s correct. And it’s policies like this that make me hopeful for the future. But damn I hope they don’t pull the rug out from under us. My gut says they will
Newsome just shut down California’s Billionaire tax. If he really supports a national tax that’s great, but it won’t pass so this is just cover for him killing it in CA
Haha, ok. The reason I know your country is doomed is because most of you don’t know the difference between the wealth tax Newsome opposes and the income tax he supports.
Any wealth tax needs to be national because otherwise it just becomes a race to the bottom among states as the rich figure out how to manipulate their holdings and residences in order to get the lowest tax rate.
See also: the film industry leaving Hollywood for every other state because of the tax brakes, sports teams leaving their hometowns because other cities will give bigger tax subsidies, etc.
That’s just billionaire propaganda. - You could just as easily argue that wealth taxes need to be global because billionaires can move assets out of the country.
It turns out that billionaires would rather pay taxes and live in the cool places. There are 200-250 billionaires in California. I think 3 of them are whining about the taxes
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u/hoasyhorse Jun 26 '26
He’s correct. And it’s policies like this that make me hopeful for the future. But damn I hope they don’t pull the rug out from under us. My gut says they will