Now at $50M: Ro Khanna "Why I Support a Billionaire Wealth Tax"
5 hours ago
- #wealth tax
- #economic policy
- #tax fairness
- The author argues for a billionaire wealth tax of 5% annually on total wealth, not income, to raise $4.4 trillion over a decade for public services.
- The tax aims to fund teacher salaries, affordable childcare, and healthcare, contrasting with Governor Newsom's income-based tax proposal that raises far less revenue.
- Wealth flight fears are dismissed, citing California's strong venture capital investment and political support for the tax despite billionaire opposition.
- The proposal extends to centimillionaires ($50M+), including wealth in irrevocable trusts, through the Ultra-Millionaire Tax Act.
- The fight is framed as a moral test, reversing anti-tax movements like Proposition 13, and a choice between supporting working people or the billionaire class.