Oligarchs Got Crushed on Election Day, But Still Managed to Kill California’s Wealth Tax Dreams
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America’s oligarchs fared badly overall on Election Day, but they dodged a bullet in California, and perhaps then some.
California’s Prop. 40, the Billionaire Tax initiative, would have been the nation’s first-ever tax on excessive wealth, a concept Americans have supported in poll after poll. Despite its flaws, the measure would have broken the glass. It would have showed that curbing excessive fortunes is possible in an America whose wealth distribution has grown so skewed that
California’s Prop. 40, the Billionaire Tax initiative, would have been the nation’s first-ever tax on excessive wealth, a concept Americans have supported in poll after poll. Despite its flaws, the measure would have broken the glass. It would have showed that curbing excessive fortunes is possible in an America whose wealth distribution has grown so skewed that
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