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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Can Britain’s Next Prime Minister Escape the Net Zero Trap?
Britain has burned through five Prime Ministers and is paying some of the highest electricity prices in the world.
The Scanner at the Gate: Europe’s China Policy Litmus Test
China’s industrial policy is entering Europe through public procurement—and reshaping sensitive markets from within.
Confronting the New Antisemitism
"The postwar effort 'to rebrand Judaism as a religion' has made it impossible for American Jews to understand what they are facing today, because what we are facing today is an attack on the idea of Jewish peoplehood.”
“Democratic” Socialism Is Undemocratic
By promoting class hatred, suppressing private initiative, and seeking enhanced control of our lives, today’s democratic socialists undermine patriotism and individual initiative—two qualities that have long distinguished the United States from other major nations.
