https://www.nytimes.com/interactive/polls/california-wealth-tax-polls-2026.html
An initiative will appear on the Nov. 3 ballot that, if passed, will impose a one-time tax on the wealth of billionaires. Gov. Gavin Newsom, who has proposed a national wealth tax, opposes the measure, and there will be competing initiatives on the ballot that would attempt to nullify the tax before it is collected.
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The polls are leaning to Yes on the Wealth Tax initiative..
I support the Wealth Tax. But the $100 billion revenue estimate won’t even cover the cost overruns on Calif. High Speed Rail. We need to bring in Communist Chinese experts and forced labor to complete it in a cost efficient manner.
intercst
With appropriate branding, this is doable.
We are already importing everything else from China, might as well get the high speed train too.
Just saw yesterday, Xi agrees.
Oh and Yesterday the UK got out of NI.
UK got out of Northern Ireland ???
intercst
No, they are looking to boycott Southern Ireland to stay on the moral high ground.
Meanwhile everyone is praying to a Jewish woman named Mary. It is above my paygrade to figure this out.
Just illustrates how John Q Public is still fallible.
That is at least a more rationale, though still wrong (and likely Constitution-violating), option.
Tax income, an economic activity, not wealth which is passive (and subjective).
Passing wealth from one generation to the next is an “economic activity”, a transaction, and shouldn’t be getting a stepped up cost basis.
intercst
Indeed it is.
I would not mind that so much if we had a more realistic estate tax - which would accomplish the same thing.
The vast majority of people that benefit from that stepped up basis are people that simply inherit a modest home from their mom - and I don’t want them to be forced to sell the home to cover a large capital gain that is currently waived with that stepped up basis.
Bring back the 2008 limits ($2 million, ~ $3million today) and index it for inflation and call it a day.
The oligarchs convincing the proles that inherited money was somehow holier than money you worked for and therefore shouldn’t be taxed is one of the great con jobs of the 20th century.