.@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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If you’re mad about California’s feudal structure where property owners get to keep and pass on tax rates from decades ago, you should support
@Schools1stCA, which phases out this system for commercial landowners.5 replies 10 retweets 110 likesShow this thread -
Can’t guarantee that there wouldn’t be wealth tax in California’s unpredictable ballot initiative system later though. Californian voters love to tax other people! (But I can’t see it happening in the conventional legislative process as it stands today.)
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Replying to @kimmaicutler
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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Replying to @zebulgar
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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You should read @gabriel_zucman's book if you are further interested in proponent's arguments.
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