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California Wealth Tax Backers Ignore Proposition 13 Lessons
While the tax would be a “one-time event,” nothing would prohibit similar initiatives in the future.
California is flirting with a new and destructive tax. A proposed ballot initiative, the 2026 Billionaire Tax Act, would impose a one-time 5% levy on the net worth of California residents with more than $1 billion, calculated as of Jan. 1, 2026, with payment due in 2027 and an option to spread payments over five years at an added charge.
While the tax would be a “one-time event,” nothing would prohibit similar initiatives in the future. Supporters call it a tax on billionaires, but in practice it would be a giant, government-mandated liquidation event for people whose wealth is often tied up in illiquid business equity. It also contains a feature that should make any taxpayer uneasy: It would be retroactive to the start of 2026.
Politics
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Is American Nationalism Still Creed-able?
We are not there now, but there is reason to worry that the United States is in danger, if we are not careful, of ceasing to be a nation with the principles of 1776 at its core.
National Civitas Institute Poll: Americans are Anxious and Frustrated, Creating a Challenging Environment for Leaders
The poll reveals a deeply pessimistic American electorate, with a majority convinced the nation is on the wrong track.
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When Mao Took China
Having already taught us so much about Chinese Communist history in his previous four books, Dikötter faced a difficult task to add something new. He has done so brilliantly.
