San Francisco hosts March for Billionaires amid wealth-tax push
TL;DR Summary
About a dozen people in San Francisco gathered for a 'March for Billionaires' to highlight California’s proposed 5% one-time wealth tax on billionaires, intended to offset federal cuts to healthcare and food aid. Opponents, including Gov. Newsom, warn the levy could push wealth and jobs out of state, while supporters say it would ensure billionaires pay their fair share. The Billionaire Tax Act excludes pensions, real estate, and retirement accounts and requires about 875,000 signatures to appear on the November ballot. Analysts caution the measure could yield short-term benefits only if wealthy residents relocate.
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- ‘Thank you, billionaires’: S.F. march defends the ultrarich in face of ridicule San Francisco Chronicle
- California's 'billionaire tax' will be 'disastrous' and cause wealthy to flee, economist predicts Fox Business
- Parody groups take center stage at SF pro-billionaire rally SFGATE
- A 5% wealth tax would drive billionaires out of California The Economist
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