Tag

Wealth Tax

All articles tagged with #wealth tax

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

politics7 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

politics7 days ago•16 min saved

California billionaire tax plan ignites a Democratic split

A proposal to levy a hefty tax on California’s billionaires has fractured the Democratic coalition, with U.S. Sen. Bernie Sanders and California Gov. Gavin Newsom emerging as adversaries over how to tax the ultra-rich.

via AP News|

#bernie-sanders #california #democrats

politics8 days ago•5 min saved

Billionaire-backed ballot push targets California wealth tax

Opponents of California's proposed wealth tax are mounting a multi-front campaign with rival ballot measures, veteran campaign staff, and a Brin-backed committee that has raised about $35 million to influence signatures and votes, aiming to invalidate retroactive taxes and spending provisions ahead of an April deadline.

via Politico|

#ballot-initiatives #california #campaign-finance

business8 days ago•455 min saved

Wealth tax debates sharpen as states face budget gaps

Faced with budget gaps, fourteen states consider raising taxes on the rich to fund schools and hospitals; Massachusetts cites the Fair Share Amendment as a successful example, while California’s Billionaire Tax Act proposes a one-time 5% wealth levy on net worth above $1 billion to raise roughly $100B. Critics warn such taxes could trigger capital flight and harm revenue, even as other states cut taxes or adopt flat-rate schemes, highlighting a broad but uneven national split on how to balance budgets.

via CNN|

#business #deficits #education-funding

world11 days ago•4 min saved

AOC: Democracies must deliver for workers to ward off authoritarians

At the Munich Security Conference, Rep. Alexandria Ocasio-Cortez warned that Western democracies must deliver tangible gains for the working class to counter rising authoritarianism, faulting past policies like NAFTA and the Iraq War, and urging urgent wealth‑tax action. She stressed that elites who don’t deliver economic improvements threaten the rules‑based order, noted the broader foreign‑policy context and debates on allies, Taiwan, and Iran, and hinted at her ongoing political ascent amid speculation about a possible presidential bid.

via NBC News|

#alexandria-ocasio-cortez #democracy #munich-security-conference

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

technology28 days ago•39 min saved

Anthropic CEO warns AI’s ‘adolescence’ will test humanity, urges wealth taxes and a rethink of work

Anthropic CEO Dario Amodei argues in a lengthy essay that AI’s advancing power will test humanity and calls for remedies beyond safety, including a progressive wealth tax, philanthropy by tech leaders, and retooling workers rather than simply cutting jobs. He highlights Anthropic’s safety-focused “constitution” for Claude, urges enterprises to pursue innovation alongside cost savings, and outlines pathways for employee transitions, while advocating government intervention and billionaire philanthropy to mitigate economic disruption; he also notes forecasts of significant early-career job displacement and a near-term milestone for human-level AI.

via Fortune|

#ai-ethics #anthropic #dario-amodei

california-politics1 month ago•13 min saved

California's AI Boom Faces Budget Headwinds as Billionaire Exodus Looms

Budget analysts warn California's AI-driven revenue gains could slow this year, while a looming wealth tax may push billionaires to leave, threatening revenue and complicating Gov. Newsom's final-year budget.

via Politico|

#ai #billionaire-exodus #california-budget

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

business1 month ago•9 min saved

California's Billionaire Tax Triggers Startup Exodus

California's proposed 5% wealth tax on residents with $1B+ net worth (with a 1% annual option) is triggering backlash well beyond current billionaires, as founders and investors with illiquid equity consider leaving California, fearing damage to startups and innovation; it could presage a broader wealth-tax push and even spur relocations to Texas or Florida, while supporters say it could raise about $100B for healthcare and still faces signatures and legal challenges.

via The San Francisco Standard|

#billionaire-tax #business #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

state-politics1 month ago•11 min saved

Californian wealth tax roils the Democratic coalition

A proposed one-time wealth tax on California billionaires is squeezing the state’s Democratic coalition, straining unions and top donors while pitting Gov. Gavin Newsom against the measure. Some prominent Democrats and labor leaders back the idea as a tool to curb inequality, while others fear economic disruption and political backlash that could affect national and 2028 races. The proposal faces signature collection for the November ballot amid warnings of capital flight and revenue shortfalls, underscoring a high-stakes fight over how far the party should go to tax the ultra-wealthy.

via Politico|

#california #democrats #gavin-newsom

business1 month ago•42 min saved

LA Billionaire Relocates to Nevada to Evade California Wealth Tax

A Los Angeles–based billionaire has moved to Nevada to sidestep a proposed wealth tax in California, taking advantage of Nevada’s lack of a state income tax. The move underscores how tax proposals could influence where the ultra-wealthy live and how policy shifts may drive capital relocation.

via Forbes|

#billionaire #business #california