.@GavinNewsom won’t sign a wealth tax. It’s a statement bill. 70% of the state’s $ come from personal income tax and 50% of that comes from the top 1%. You’d nuke the tax base and it’s better administered federally anyway. https://twitter.com/jeremybwhite/status/1294375279280812032?s=21 …https://twitter.com/zebulgar/status/1295953150877212673 …
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my fear is that it makes it as a ballot initiative and if it does, it almost certainly passes and if Biden wins, Newsom doesn't feel like he has the political cache to veto the bill
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I can't even see Biden actually supporting a wealth tax. I do think it's worth exploring at a national level, but I think it's bad policy at a state level.
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