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    California’s wealth tax doesn’t fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on


    California’s wealth tax doesn’t fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on

    https://fortune.com/2026/01/14/why-california-billionaire-tax-wouldnt-work-wealth-tech-executives-leaving-1-trillion/

    Posted by FUSeekMe69

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    9 Comments

    2. Canuck-overseas on

      Fortune; a magazine owned by a billionaire, written for billionaires and other high net worth individuals – argues why a wealth tax isn’t necessary. Rather….incredulous.

    4. Ok-Firefighter-6172 on

      The top .01% of the population owns 13.9% of all assets

      They pay little or no taxes

    5. Traditional_Donut908 on

      This is why I would advocate for eliminating income taxes in favor of a consumption tax in concert with a small UBI to offset the consumption taxes spent at some defined level (an actual UBI that applies to everyone, not based on income)

    7. Groovychick1978 on

      I do not understand how they can claim they should pay no taxes on assets they use to secure a loan! 

      The value is established when they use it as collateral. They should be taxed for the value of said collateral. 

    8. SherpaTyme on

      Just raise the damn corporate tax rate 90 percent for 5 years. We have no more problems.
      I am sorry the mega yacht industry will take a hit, but if they planned wisely It should be ok for 5 years.

    9. Budget-Razzmatazz-54 on

      Wealth taxes don’t work in general

      It’s a signal of a desperate economy and politicians

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