Overriding fact of the US #economy in the past 40 yrs:🚨the massive upward redistribution of wealth & income. Oppo to higher taxes on the rich from Govs Newsom & Hochul: intellectually & empirically indefensible.

The🚨K-shaping of our economy: a paper by UC Berkeley economists doc: btw 1982-2025, the wealth of the 400 richest Americans rose from 2% of the nation’s GDP to 20%. A sep paper by Zucman: wealthiest 19 American HHs:⬆️their wealth by $1T in 2024‼️
#WealthTax #USPol
https://prospect.org/2026/03/30/k-shaped-economy-wealth-taxes-new-york-california/

"Earlier this month, a second major wealth tax proposal was introduced by Sen. Bernie Sanders and Rep. Ro Khanna, both of whom have been vocal supporters of the California initiative. The more aggressive Sanders-Khanna proposal calls for a 5 percent annual wealth tax on the country’s approximately 950 billionaires, which they project would raise up to $4.4 trillion over the next decade. In their bill, that revenue would go toward funding half a dozen policy measures, including a $3,000 direct payment to every American in households earning under $150,000 and the complete reversal of Republican cuts to Medicaid and the Affordable Care Act.

So far, the public response to a billionaire tax has been largely positive. Early polling indicates that most Californians support the wealth tax, which currently has the best shot at becoming a reality. Last month, a survey from the Republican-leaning pollster Nestpoint found that 60 percent currently back the proposal, while just 24 percent oppose it. Even when respondents were given opposition messaging, 54 percent continued to favor the proposition.

Not surprisingly, most of California’s billionaires have reacted to the ballot initiative with alarm bordering on panic, denouncing it as “asset seizure” and threatening to leave the state. Billionaire-backed business groups have already launched their campaign to defeat the proposal, with tech oligarchs like Peter Thiel and Google cofounder Sergey Brin chipping in millions to fund the effort. If past campaigns are any indication, the opposition is likely to spend tens if not hundreds of millions of dollars more to defeat the proposal if it gains the necessary signatures to appear on the ballot in November."

https://jacobin.com/2026/03/wealth-tax-sanders-khanna-billionaires-california/

#USA #WealthTax #Billionaires #Inequality

Warren's bill would raise $6.2 Trillion over 10 years...more than double the amount when #Warren proposed her 2021 #wealthTax.

The higher estimate is due to the rising wealth of the country's richest families. As of September, the nation's 905 billionaires were worth a combined $7.8 Trillion, an increase of MORE THAN 25% FROM A YEAR EARLIER.

#taxTheRich, it's *literally* the least we could do.
https://www.cbsnews.com/news/elizabeth-warren-wealth-tax-plan-ultra-millionaire-tax-act/