Tech billionaires have raised more than $340m to defeat Prop 40, a one-time 5% wealth tax that will fund healthcare and education
  • Zombie-Mantis@lemmy.world
    17·
    4 days ago

    Because if you do the one-time tax, people might start asking for a permanent rise in billionaire taxes. When it succeeds, people might start asking about broader redistribution policies.

    They cannot allow one single victory, because any momentum to the left threatens their absolute power, and wherever possible will crush it under their heel.

    • krisevol@lemmus.orgEnglish
      23·
      4 days ago

      But it’s a wealth tax. What do you do if their wealth goes down before if realized into cash? So you refund them?

      What do you do when they don’t have the cash to pay the tax? Force liquidations? Who buys the assets? Blackrock or china?

      • MinnesotaGoddam@lemmy.worldEnglish
        10·
        4 days ago

        There are plenty of ways to set up a taxation system to deal with unrealized assets. And as far as what to do when they don’t have the cash, why should we treat billionaires different? If they can’t pay immediately, they can set up an installment plan.