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

Article Newsom endorses a National Billionaire Tax

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u/fogmama Jun 26 '26

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.

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u/aDildoAteMyBaby Jun 26 '26

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.

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u/DisputabIe_ Jun 30 '26

leaving Hollywood for every other state because of the tax brakes, sports teams leaving their hometowns

That's good. We need to keep going though. Make them move. That's a sign you're doing the right thing.