California Democrats Can’t Agree On How To Tax Billionaires

In this year’s midterm election, voters in California will decide on a ballot initiative proposing a one-time, 5% tax on the net assets of California residents worth more than $1 billion. Most of California’s billionaires oppose the tax. But unexpectedly, many of the state’s Democrats and unions (wsj.com/politics/california-billionaire-tax-de…) are also against it. WSJ’s Laura Nelson (wsj.com/news/author/laura-j-nelson?mod=WSJ_TJPOD) reports on why support for the wealth tax has been so fractured when so many Democrats say they’re in favor of higher taxes on the ultrarich. Ryan Knutson (wsj.com/news/author/ryan-knutson?mod=WSJ_TJPOD)hosts.

Further Listening:

- The Rise of the World’s First Trillionaire (open.spotify.com/episode/4mcrhev64XSCROB5Gk4eae)

- Why Billionaires Are Giving Money to Kids (open.spotify.com/episode/1iyLNoKCiNe7lGAv5VbKfF)

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