“The billionaire class no longer sees itself as part of American society,” Sanders said at a Los Angeles rally in February. “They believe they have the divine right to rule and are no longer subject to democratic governance.”
Democratic Rep. Ro Khanna, who representsSilicon Valley, said “it makes no sense to me why any Democratic elected official or traditional Democratic allies wouldn’t be supporting this.”
“It also matters for the country at a time when we have Elon Musk becoming a trillionaire, are we really debating whether we should have a 5% tax?”
Top California lawmakers oppose the proposal
Newsom has been a vocal opponent of the proposed tax in his state. He has, though, expressed his support for such a measure on the federal level.
“Here is what I support: A national billionaires’ tax,” Newsom wrote in a post on his Substack on Friday, which was accompanied by a video.
“You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do,” the governor wrote. “Wealth is movable, and it shops for the state with the lowest taxes. The fight belongs at the federal level, where this broken system was created in the first place.”
Read the full article here
