<
https://theconversation.com/why-a-vote-on-taxing-californias-billionaires-is-being-watched-around-the-world-289302>
"In November, California will vote on a proposal to levy a one-off 5% tax on
the wealth of all billionaires in the state.
Google co-founder and billionaire Sergey Brin has already spent US$100 million
on political donations to a group opposing the tax. Brin is hoping to avoid a
potential tax bill of US$13 billion, a return of roughly 130 to 1 if that
investment is successful.
Advocates of the billionaire tax claim it would raise US$100 billion in
revenue, to be allocated directly to state-funded healthcare, food assistance
and public education.
Supporters of the union-backed proposal also highlight that most billionaires
currently pay lower marginal rates of tax than the average worker, and that the
revenue is desperately needed to fill gaps in funding created by US President
Donald Trump’s cuts to Medicaid.
Its critics, which include California’s Democratic Governor Gavin Newsom, argue
the measure will drive billionaires and their tax revenue to leave the state."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
