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When the idea of a “temporary” tax on California billionaires was floated, Gov. Newsom (distracted by national politics) said the quiet part out loud almost immediately…”Well this is the kind of thing you do on a national basis. If you do it on a state by state basis, they’ll just move.”
Too true, as the states and cities now run by Socialist democrats (BIG “S”, small d) are currently finding out.
Gavin Newsom just proposed on his Substack a nationwide wealth tax on anyone with more than $100 million in wealth. In effect, it would guarantee that the wealthy pay the same rates that average taxpayers pay.
Newsom says he’s voting “no” on the California billionaire tax. Also says that inheritance taxes need to be completely revamped to eliminate the concentration of wealth.
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