It’s official: The proposed California Billionaire Tax Act, which last week was ++certified++ for November’s election, has a ballot designation—Proposition 40.
“The people of California now have the opportunity to decide what kind of future they want,” Service Employees International Union-United ++HealthcareWorkers++ West (SEIU-UHW) vice president Debru Carthan ++said++ on Thursday.
Wealth taxes target accumulated wealth. If you’re trying to reduce income inequality that is the only possible measure that will help - aside from the longer term of estate taxes. Taxing income only slows the accumulation - which doesn’t actually matter if someone is already sitting on a mountain of wealth, and like Elon, using it to attack democratic society.