📰 Source: mises | Mises Wire

✍️ Original author: Lipton Matthews

Support for taxing wealth rather than income has surged in American political discourse. Progressive lawmakers have floated federal wealth tax proposals for years, and the idea has now migrated to the state level in dramatic fashion. In California, the 2026 Billionaire Tax Act would impose a one-time five percent levy on the worldwide net worth of anyone with a fortune exceeding one billion dollars, a measure its backers claim will raise as much as one hundred billion dollars for state coffers. The political appeal is obvious. Wealth taxes promise to extract revenue from those least likely to

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