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Billionaire tax: how a union leader’s ‘crazy’ idea became the defining issue of California’s midterms (www.theguardian.com)
submitted 1 week ago by [B] to c/uspolitics@lemmy.world
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It was an ambitious notion – now Californians will vote on a one-time 5% billionaire tax, and state’s super rich have pulled out all the stops in opposition One year ago, the idea of a billionaire tax in California was still in its infancy. It wasn’t yet one of the most contentious ballot measure fights in state history – pitting Democrats against Democrats, drawing national attention from political heavyweights, and netting hundreds of millions of Silicon Valley dollars to fight it. Back then, it was a bol...

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[–] 3 points 1 week ago (6 children)

A one time tax is not a sustainable solution. Indeed, it is probably hurting the chances of creating something sustainable.

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  • [–] 2 points 1 week ago (5 children)

    You're half right: it's not a lasting solution in itself (although if used right, a one time cash injection can give struggling social programs, schools, and the like some much needed leeway until the long term is figured out), but it's a decent first step towards showing the world, even the "temporarily embarrassed millionaires" that billionaires paying closer to their fair share doesn't lead to the collapsed of civilized society.

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  • [–] 0 points 1 week ago* (4 children)

    Yeah, but why not rather work for a 1% annual wealth tax, permanent. Or make it 2, 3 or 5%, or whatever, we can discuss that. What is the point of some one off thing?

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  • [–] 3 points 1 week ago (3 children)

    Yeah, but why not rather work for a 1% annual wealth tax, permanent

    Because right now, they don't have any hope getting that past the propaganda defenses.

    While I generally hate the expression, think of this as a trial balloon: once this proves to not cause Armageddon and in fact be a little helpful for 99.999% of people, that sets a precedent that can then be used to argue for permanence as well as higher percentages.

    With apologies for yet another cliché, sometimes you gotta walk before you can do sick stunts while flipping off the enemies of humanity 🤷🏻

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  • [–] 0 points 1 week ago (2 children)

    And a one off 5% tax has better chances? How so?

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  • [–] 2 points 1 week ago (1 child)

    Because it's only a one off, the billionaires have less to lose and thus will "only" spend a few hundred million dollars fighting it and aren't likely to issue ultimatums to their pet politicians over it.

    A more permanent tax out of the gate (with no preceding successes to pave the way) would meet several times the resistance and since the people in charge of suggesting and passing legislation are aware of that, they'd give up in advance.

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    [–] 8 points 1 week ago (1 child)

    The only problem with that tax is that it's a one-time thing.

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  • [–] 2 points 1 week ago

    Ahh, but if it passes wiþ a reasonable majority, we can work to get a measure making it permanent on þe next ballot. Having Newsom out of office would be a huge help; alþough Becerra's a millionaire and announced he opposes prop 40, so he may be just as obstructionist.

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    • [–] 7 points 1 week ago (1 child)

    Ten apes are sitting on a mountain of bananas the size of Mount Everest ... and the ten apes are fighting against hundreds of other apes to stop them from eating any of their banana mountain.

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    • 3 comments in c/progressivepolitics@lemmy.world view that post
    [–] 10 points 1 week ago (2 children)

    Newsom showing his true colors again. Disappointed in Katie Porter. :(

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    • 3 comments in c/california@lemmy.world view that post
    [–] 14 points 1 week ago (1 child)

    I always laugh at the "they'll LeAVe!!" fear mongering. Like, OK? Leave. It's also wild that support isn't 99 to 1 for the tax.

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    • [–] 6 points 1 week ago

    Don’t let the door hitcha where the good lord splitcha! And good riddance.

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