Free Republic

The battle over a new tax on California’s billionaires is set to heat up in the coming months as citizens spar over whether the state should squeeze its ultra-rich to better serve its ordinary residents. The proposed billionaire tax that triggered the tempest is still far from being approved by voters or even making the ballot, but the idea has already sparked backlash from vocal tech moguls — some of whom have already shifted their bases outside the state. Under the Billionaire Tax Act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth....

California lost a mind-boggling nearly $1 trillion in wealth in the past month alone thanks to fears over its proposed “Billionaire Tax,’’ according to one of the state’s wealthiest residents. The under-fire measure, which even lefty Gov. Gavin Newsom opposes, would slap a onetime 5% tax on residents worth more than $1 billion as of Jan. 1, 2026. “Collectively, the amount of Billionaire wealth that has left California in the last month (!) is now in excess of $700B,” fumed venture capitalist and former Facebook exec Chamath Palihapitiya on X on Friday. “That means the $2T of California wealth they...

PARIS, Sept 21 (Reuters) - Bernard Arnault, the boss of luxury goods group LVMH and France's richest man, has attacked a proposed 2% tax on billionaires as an assault on France's economy and denounced the plan's architect as a far-left ideologue. The tax, which would target wealth above 100 million euros ($117 million), has gained political traction in France, where Prime Minister Sébastien Lecornu faces pressure from the Socialist Party to include it in the 2026 budget or face a confidence vote that could topple his government. He accused the plan's architect, economist Gabriel Zucman of being "first and foremost...

Item: President Joe Biden will propose a minimum 20% tax rate that would hit both the income and unrealized capital gains of U.S. households worth more than $100 million as part of his budget proposal to be released on Monday. … The administration projects that more than half of revenues for the new payment would come from the nation’s roughly 700 billionaires. (Bloomberg, March 26, 2022) Two reasonable questions to ask about any public policy idea: First, what problem is the idea meant to solve or ameliorate? Second, what are the trade-offs? (Getting one thing typically means giving up another.)...

Democrats' proposal for a new billionaire's tax to pay for Joe Biden's Build Back Better agenda has hit a public stumbling block just hours after the proposal was rolled out Wednesday. It was introduced by Senate Finance Committee Chair Ron Wyden (D-Ore) earlier today. Rep. Richard Neal (D-Mass), chair of the House Ways and Means Committee, said on Capitol Hill the tax is 'out of the Biden plan.'

Brought out of the dark depths of the United Nations Millenium Development Goal (UNMDG), the call is out for a billionaire's tax. It's been on paper for years now, but few believe it. The United Nations on Thursday called for a tax on billionaires to help raise more than $400 billion a year for poor countries. An annual lump sum payment by the super-rich is one of a host of measures including a tax on carbon dioxide emissions, currency exchanges or financial transactions proposed in a UN report that accuses wealthy nations of breaking promises to step up aid for...

Alright, we have been seriously damaged by limo socialist billionaires like Buffet, Soros, and the CEO's of other major corporations like General Electric, GM Google and Facebook. They are funding all degrees of lefties in the country and world. They are screeching for tax increases on themselves. Let's offer a MASSIVE billionaire tax to replace Obama's millionaire tax. Let's see how long these idiots continue supporting socialism when every time the demand a tax increase or any socialist/globalist nonsense like global warming international spending and taxes, we give it to them, up close and personal. I mean in a way...