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Billionaires

All articles tagged with #billionaires

politics6 days ago•5 min saved

California billionaire wealth tax sparks intra-Democratic clash between Sanders and Newsom

A proposed one-time 5% wealth tax on the assets of billionaires to backfill federal health-care funding cuts is stirring a rift within California Democrats, with Bernie Sanders backing the measure and Gov. Gavin Newsom opposing it over concerns about state finances and competitiveness. Supporters push to qualify the measure for the November ballot amid intense fundraising and political campaigning as midterm dynamics unfold.

via PBS|

#billionaires #california #democrats

politics6 days ago•6 min saved

Sanders rallies in California to push a wealth tax amid ballot fight

Sen. Bernie Sanders headlined a Los Angeles rally backing a proposed California wealth tax on billionaire assets—an initiative that could reach November’s ballot—pitting Sanders against Gov. Gavin Newsom and major business groups. The SEIU-UHW-backed measure would impose a one-time 5% tax on billionaire wealth to fund public services, but opponents warn it could drive wealthy residents away and reduce state revenue, a dynamic fueling a broader Democratic debate as Morello performed and protesters urged action.

via Politico|

#bernie-sanders #billionaires #california

politics6 days ago•4 min saved

Sanders pushes California billionaire wealth tax amid heated debate

Bernie Sanders urged California voters to approve a one-time 5% wealth tax on assets above $1 billion to offset federal health and education cuts, arguing it would curb oligarchic power and reinforce democracy. The proposal, backed by SEIU-UHW, faces strong opposition from Gov. Gavin Newsom and tech leaders like Sergey Brin who are funding countermeasures. Organizers are gathering signatures to put the measure on the November ballot; if approved, the tax would retroactively apply to wealth in 2025 and affect about 200 residents, with the nonpartisan LAO noting potential tens of billions in revenue but significant uncertainty if wealthy residents depart. A January poll shows about 48% support, 38% oppose, and 14% undecided, underscoring the proposal’s political risk in deep-blue California.

via The Guardian|

#bernie-sanders #billionaires #california

economy7 days ago•28 min saved

Billionaire Tax Tricks Could Put Economy at Risk, WSJ Reports

A Wall Street Journal report highlighted by Common Dreams argues billionaire tax-avoidance and rising wealth concentration threaten the U.S. economy, detailing strategies like stock-based pay, debt-financed living, and the “buy, borrow, die” scheme. It notes California’s wealth‑tax debate and data showing the richest 1% have grown their share of wealth since 1990. The piece warns that if AI accelerates displacement, the biggest gains could go to shareholders while workers see lagging wage growth, raising questions about future tax policy as the economy faces potential market downturns.

via Common Dreams|

#artificial-intelligence #billionaires #economy

government17 days ago•25 min saved

San Francisco’s Billionaire March Flops, Draws Tiny Crowd and Sparks Debate

In San Francisco, organizers marketed a 'March for Billionaires' but drew only about twenty participants, outnumbered by reporters. The march shifted from Alta Plaza Park to Civic Center without a permit, featuring a debate-like atmosphere and a mix of supporters and counter-protesters, raising questions about the effectiveness and purpose of the event.

via Mission Local|

#billionaires #government #journalists

business20 days ago•0 min saved

Ultra-rich funds kick off January with buzzy bets despite drop in direct bets

Ultra-rich investment arms kicked off January with buzzy bets, including funding a motorcycle racing team, even as family offices cut direct investments by 32% year over year, according to Fintrx; despite the dip in direct bets, demand for mega-round VC financings remains strong.

via CNBC|

#billionaires #business #family-offices

politics28 days ago•37 min saved

Billionaires Pressure ICE Reform as Minnesota Killings Spark Debate

A Forbes article highlights wealthy donors and entrepreneurs publicly criticizing ICE and urging immigration-policy reforms in response to killings in Minnesota, signaling philanthropic influence in immigration and accountability discussions.

via Forbes|

#billionaires #ice #immigration

technology1 month ago•5 min saved

The $20 AI Subscriptions Divide

Luke Plunkett argues that paid AI services (like $20/month for ChatGPT or Grok) expose a gulf between billionaire investors and ordinary users, criticizing Min-Liang Tan’s defense of subscriptions and highlighting how such costs can be meaningful for everyday people amid the AI hype.

via aftermath.site|

#ai #billionaires #gaming

world1 month ago•18 min saved

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.

via The New York Times|

#billionaires #california #capital-flight

politics1 month ago•6 min saved

California’s Billionaire Tax Faces Backlash as Realm of the Ultra-Rich Signal Relocation

California’s proposed Billionaire Tax Act would impose a one-time 5% wealth tax on residents with more than $1 billion in net worth, with about 90% of proceeds earmarked for healthcare and the rest for public education and food assistance. The measure, backed by SEIU-UHW, faces stiff political and legal headwinds, including opposition from Gov. Newsom and notable billionaires who have begun relocating business interests or considering leaving California. To reach the ballot in November, organizers must gather roughly 875,000 signatures by June 24. Experts warn revenue is uncertain and could be offset by capital flight, while supporters argue the tax could raise tens of billions to address budget gaps. The outcome remains unclear as debates intensify and potential challenges loom.

via Los Angeles Times|

#ballot-measure #billionaires #california

economy1 month ago•39 min saved

Wealth tax on billionaires wouldn’t fund the government for a year, expert says

Fortune cites Penn Wharton Budget Model director Kent Smetters arguing that wealth taxes on the ultrawealthy are an inefficient revenue tool: even seizing all wealth above $999 million would fund federal spending for only about seven to eight months, with high administrative costs and limited revenue. The piece notes that many OECD countries repealed wealth taxes due to low yields and cites California’s proposals as a case study in broader reform—advocating instead for stable, broad-based options like sales taxes or VAT and highlighting the political dynamics of tax policy and economic complexity.

via Fortune|

#billionaires #california #economy

business1 month ago•4 min saved

From Under $600B to $2.6T: The Billionaire Top 10's Decade-Long Rise

From 2016 to today, the world’s 10 richest have exploded from a combined roughly $559B to about $2.6T, led by Elon Musk at around $682B. Sergey Brin and Larry Page follow, Bezos sits at about $260B, with Ellison, Zuckerberg, Arnault, Ballmer, Huang, and Buffett rounding out the current top 10. The shift is driven by surging tech fortunes, while Gates and Buffett have fallen thanks to philanthropy, giving away tens of billions; older names like Ortega, Slim, and the Kochs have dropped in rank as tech wealth surged. Tesla is valued around $1.5T, SpaceX about $800B, and xAI roughly $230B, underscoring a tech-driven leap in wealth.

via Business Insider|

#billionaires #business #elon-musk

business1 month ago•3 min saved

Kroenke Tops U.S. Private Land Ownership with 2.7 Million Acres

Los Angeles Rams owner Stan Kroenke has become America's largest private landowner, amassing about 2.7 million acres after buying nearly 1 million acres of New Mexico ranchland from the Singleton family, a leap that puts him ahead of the Emmersons and other billionaires. The Land Report notes farmland investing is rising among the ultra‑wealthy as values climb (about 5.8% per year 2019–2024), with Gates, Bezos and Peterffy among other large landholders.

via CNBC|

#billionaires #business #farmland-investing

politics1 month ago•5 min saved

Warren Pushes Democrats Toward a Leftward Turn, Fearing Billionaire Influence

Senator Elizabeth Warren urged Democrats to abandon a centrist, billionaire-friendly approach and embrace a leftward, working-class–oriented economic agenda, arguing there can be no two-vision 'big tent' and warning against letting billionaire donors curb progressive aims. She highlighted donor influence, noted tensions around regulation and tech policy, and signaled she intends to shape 2026 messaging and policy direction.

via The New York Times|

#big-tent #billionaires #democrats

politics1 month ago•5 min saved

Newsom Vows to Block California's Proposed Billionaire Wealth Tax

California Gov. Gavin Newsom says he will fight and likely defeat a proposed 5% wealth tax on net worth over $1 billion if it reaches the ballot, arguing the plan would drive billionaires out of the state and hurt the economy. The measure, backed by a healthcare union, would direct most new revenue to health care and related programs, but state analysts warn it could cause long‑term losses as the wealthy relocate. Signatures are being gathered to place the initiative on the ballot. The controversy underscores a clash between funding social programs and maintaining California’s competitive edge in a high‑income economy, with some tech leaders publicly supportive of the tax while others are already pushing back or rethinking ties to the state.

via The New York Times|

#billionaires #california #gavin-newsom