Hiltzik on Wealth Tax Politics

Google co-founder Sergey Brin is leading opposition funds against California’s Proposition 40, a ballot measure proposing a one-time 5% wealth tax on assets over $1 billion. Brin, who has contributed over $102 million to the campaign, claims he has moved out of the state to avoid the tax despite potentially owing billions if he had remained a resident. The measure aims to address wealth inequality and fund healthcare programs, but opponents argue it could lead to tax avoidance, billionaire departures, and legal challenges, with estimates of its economic impact remaining uncertain.

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