More States Want to Tax the Rich. Here's How.
Summary
WSJ’s What’s News examines the push to tax the wealthy, focusing on California’s ballot measure for a one-time billionaire wealth tax. Host Alex Ossola speaks with reporters Gene Whalen and Laura Nelson about the proposal’s mechanics and its aim to offset federal healthcare cuts. The episode contrasts this asset tax with income surcharges in states like Massachusetts and Maine, while exploring opposition from Governor Newsom and concerns about capital flight.
Topics discussed
Sponsors: ReliaQuest and Fidelity Trader Plus
Introduction: California's proposed billionaire wealth tax
How the one-time 5% asset tax works and its purpose
Comparison with income taxes in other states like Massachusetts
Why taxing the wealthy is gaining political momentum now
Sponsor: Federated Hermes
Opposition coalition and fears of billionaires leaving California
The 'buy, borrow, die' loophole and federal tax reform discussions
Conclusion and credits
Sponsors: Brex and General Fusion
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