Newsom 'Rattled' by Billionaires' Tax While Protecting Billionaires' 'Right' to Not Pay Tax
California Democrats, facing a health care funding crisis exacerbated by federal cuts (thanks, Trump!), are considering a one-time 5% wealth tax on billionaires. The AP highlights Governor Newsom’s concern that this might cause 'tech titans' to 'threaten to leave the state.' One might wonder if the same level of concern extends to the millions of Californians struggling with healthcare costs or
the 134,000 unhoused individuals in the state—a number that inexplicably didn’t prompt an 'exodus' of Newsom's concern. This isn't about 'economic anxiety' or struggling Democrats, as the AP suggests. This is California, the world's fifth-largest economy, with more billionaires than any other state, yet its Governor still can't find the money for basic social services without 'rattling' the
delicate sensibilities of the ultra-rich. The ‘threat’ of billionaires leaving is a familiar refrain, one almost as hollow as the promises of trickle-down economics the wealthy perpetually push. It's a testament to the influence of concentrated wealth that the mere suggestion of taxing it becomes an 'uproar,' while the actual suffering of the populace remains a mere footnote.