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zabadoh@ani.social to California@lemmy.world · 13 days ago

Should billionaires pay more? California unions want voters to decide in 2026

calmatters.org

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Should billionaires pay more? California unions want voters to decide in 2026

calmatters.org

zabadoh@ani.social to California@lemmy.world · 13 days ago
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Should billionaires pay more? California unions want voters to decide
calmatters.org
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Labor and health care groups are collecting signatures to put a measure that would levy a one-time 5% tax on the wealth of about 200 billionaires in California.
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  • comador @lemmy.world
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    13 days ago

    Still insufficient. Invoke pre-1960 tax laws:

    https://inequality.org/article/tax-the-rich-we-did-that-once/

    Back at the tail-end of that era, in the early 1960s, America’s richest faced a 91 percent tax rate on income in the top tax bracket.

    We taxed the rich 75% or higher for well over a century:

    https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/

    It’s time to bring it back, now.

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