Silicon Valley spent big to kill California’s wealth tax — but incoming Democrats are eyeing a national fight.
Billionaires aren’t off the hook for higher taxes, even if they did dodge California’s wealth tax
In short
Silicon Valley spent heavily to defeat a proposed wealth tax in California. However, those who avoided the state measure may still face increased financial obligations. Incoming Democrats are now preparing to take up the tax issue at the federal level, officially setting their sights on a national legislative fight.
Key points
- Defeating state tax initiatives does not permanently shield billionaires from incoming fe…: Defeating state tax initiatives does not permanently shield billionaires from incoming federal tax plans.
- Lawmakers are moving the legislative fight over taxing wealth from California to the nati…: Lawmakers are moving the legislative fight over taxing wealth from California to the national stage.
- Heavy campaign spending by Silicon Valley has merely shifted the wealth tax debate to Was…: Heavy campaign spending by Silicon Valley has merely shifted the wealth tax debate to Washington.