this post was submitted on 28 Dec 2025
17 points (100.0% liked)
News And Current Events
211 readers
34 users here now
For everything that is in the news and what's going on in the world.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
“The union proposes hitting Californians worth over $1 billion where it hurts most with a 5 percent tax on every dollar of their vast fortunes.”
So big tax!!
If it's a tax on holdings applied every year, 5% is significant. It's best compared with property taxes, which is another tax which works in a similar way. Property taxes are often capped at 1% of assessed value.
I'm in favor of taxing the rich, and taxing their holdings at 5% (without too many loopholes) would exceed my expectations. I expect this to get whittled down to around 1% before actually making it into law, though.
Thank you for information!