"Pretending to propose his own national solution is clearly a cynical smoke screen to let California billionaires off the hook," argues the Billionaire Tax Now campaign as it seeks to counter "5 tricks" being deployed by Gov. Gavin Newsom and his allies.
That’s assuming that billionaires contribute more to the economy than they receive, which is the opposite of reality.
Not sure what you think will be the benefit
From the article I linked:
when wealth is concentrated in the hands of one person, it tends to stagnate. Billionaires invest in tax shelters, financial assets, and luxury goods that benefit very few. That money circulates less, creates fewer jobs, and contributes less to local economies compared to wealth distributed across more people.
The opportunity cost is massive. Every dollar hoarded in a hedge fund is a dollar not building schools, funding infrastructure, or supporting small businesses. Billionaire spending rarely benefits the broader economy. Especially compared to what working-class or middle-class millionaires would do with that same money.
So yeah, California would do well to offload some of its over hundred billionaires and in the meantime get some of that hoarded wealth flowing through the system again.
That’s assuming that billionaires contribute more to the economy than they receive, which is the opposite of reality.
From the article I linked:
So yeah, California would do well to offload some of its over hundred billionaires and in the meantime get some of that hoarded wealth flowing through the system again.