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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Liberal Democracy Reexamined: Leo Strauss on Alexis de Tocqueville
This article explores Leo Strauss’s thoughts on Alexis de Tocqueville in his 1954 “Natural Right” course transcript.
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Long Distance Migration as a Two-Step Sorting Process: The Resettlement of Californians in Texas
Here we press the question of whether the well-documented stream of migrants relocating from California to Texas has been sufficient to alter the political complexion of the destination state.
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Who's That Knocking? A Study of the Strategic Choices Facing Large-Scale Grassroots Canvassing Efforts
Although there is a consensus that personalized forms of campaign outreach are more likely to be effective at either mobilizing or even persuading voters, there remains uncertainty about how campaigns should implement get-out-the-vote (GOTV) programs, especially at a truly expansive scale.
International Law Is Holding Democracies Back
The United States should use this moment to argue for a different approach to the rules of war.
How FDR’s Bold Experimentation Blinkered the American Economy
Overall, False Dawn is a disciplined, evidence-heavy challenge to the New Deal’s most self-flattering myth: that bold experimentation rescued the American economy.
