California Governor Gavin Newsom (D) on Friday called for a national tax on billionaires. Except, in the original version, it was anyone with a net worth of at least $100 million – as quoted by multiple outlets, citing a post from Newsom’s Substack account.
As originally reported by Politico:
His plan to address the country’s yawning wealth gap includes “a true minimum tax on billionaires and those with a net worth of $100 million” and creating a national public equity fund to give all Americans a stake in the economic gains created by artificial intelligence companies.
The post now reads:
“So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”
Bitch please.
Newsom also wants to tax inheritance – writing “We also need to rewrite our inheritance rules. Over the next twenty years, this country will live through the largest intergenerational wealth transfer in human history, with roughly $124 trillion changing hands. If we do not act, that transfer of wealth among the ultra-wealthy will lock in a permanent American aristocracy of inherited wealth, with all the political consequences the founders warned us about.”
Notice he cites the massive wealth transfer, but not the level of inheritance he’s targeting – as most slippery slopes begin.
Hellbound and Down 