Acemoglu

California voters reject Prop. 40 billionaire wealth tax, CBS News projects

nglobix@gmail.com1 day ago04 mins

Voters in California have rejected a tax on the state’s wealthiest residents, CBS News projects, following a campaign that has split traditional allies and shattered spending records for a tax-related measure in California. Proposition 40 would have levied a one-time 5% tax on California residents with a net worth of $1 billion, excluding real estate…

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California billionaire tax could leave state with less revenue, Stanford study cautions

nglobix@gmail.com3 weeks ago03 mins

California voters next month will decide on whether to tax billionaire wealth, a proposal designed to generate billions of dollars to shore up the state’s healthcare system. But Stanford economists are now cautioning that the tax could backfire, leaving the state with less in tax revenue than before. Seven billionaires have already publicly moved out…

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