California’s wealth tax tests the limits of progressive politics
Until the country finds a way to convince the average American that extreme wealth does not come at their expense, both the oligarchs and the heavily Democratic professional classes risk experiencing serious tax raids unseen for decades.
Will California implement a wealth tax on its billionaires? The plan has been gaining traction in the state legislature — and while it is some way off becoming law, some billionaires seem to think it will. This week, real estate broker Julian Johnston told Fox News that he’s working directly with three billionaires moving from California to South Florida, where there is no income tax for those who reside there fewer than 183 days of the year. While it looks like California is finally ending its love affair with Silicon Valley, the question of a wealth tax — not just in the Golden State — won’t go away any time soon.
The proposed initiative would impose a one-time 5% tax on the 2025 net worth of California residents worth more than $1 billion. It would be due in 2027, and taxpayers could spread payments over five years, with additional costs. The revenue would go into a special fund with 90% reserved for healthcare spending, and 10% reserved for the state’s failing K-12 education system and other sectors dependent on state spending.
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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Why America, Not Iran, Has the Stronger Legal Position in the Current War
There are both long and short time scales for evaluating the current conflict over control of the Strait of Hormuz.
The Cuba Play
Cuba, in relation to China and Russia, poses a threat due to the risk of weapons deployment or strategic positioning in the event of an attack on the US homeland.
The Iran War and the Coming Global Struggle
The United States is growing more risk-tolerant, more willing to accept regional instability as a strategic tool, and deliberately positioning itself for the far greater challenge of confronting China in the coming decades.
Postliberalism’s Hungary Gambit Failed
With Viktor Orbán’s party losing power in Hungary and postliberals at odds with the Trump administration over the Iran War, this iteration of postliberalism looks once again bound not only to fail in terms of its own principles but also to remain politically relevant.
