Wealth Tax Debate Heats Up as Billionaires Move Assets

Despite a surge in billionaire wealth, taxes on the ultra-rich remain well below the average, fueling a renewed push for wealth taxes. In California, a proposed one-time 5% levy triggered asset shifts by Brin, Page, and Sacks and drew strong opposition from Gov. Newsom, highlighting the political and logistical hurdles. Proponents push for a simple, flat-rate tax on billionaires with an exit tax to curb capital flight, while critics warn past wealth taxes were costly and evasive, with some favoring alternatives like higher inheritance taxes or treating capital gains as ordinary income.