The Case for #California’s #Billionaire #WealthTax
The billionaire class in California includes roughly 250 households, a mere 0.001 percent of the state’s families. Yet its wealth now amounts to more than half of California’s entire annual economic output.
This extraordinary wealth does not translate into extraordinary #tax contributions.
The proposed #Prop13 tax would be a one-time levy of 5% on billionaire wealth, spread over five years.
https://www.nytimes.com/interactive/2026/05/26/opinion/wealth-tax-california-billionaire.html
https://archive.is/20260529004356/https://www.nytimes.com/interactive/2026/05/26/opinion/wealth-tax-california-billionaire.html