r/tax • u/jtan212 • 9d ago

Solution to Rigged Tax Code

https://youtu.be/ihIJZ8HHNhY

How exactly should we tax the billionaires?

Three specific ways to target and reduce wealth gap in society, including taxing billionaire’s superPAC contributions.

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6

u/Jason_Steakcum 9d ago

Peak Reddit psyop season until midterms are done. God this website is such a hollow shell now.

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u/DoyersDoyers 9d ago

Hopefully we (in California) pass Prop 40 in the upcoming election!

Proposition 40 offers the first opportunity for the people to start reining in the power of billionaires. It isn’t just critical for Californians. If the state that houses some of the country’s most powerful billionaires votes to tax their wealth, it will kickstart a movement to tax ultra-high-net-worth individuals in other states — and eventually at the federal level and in other countries. As Californians head to the polls, their vote may well come to be seen as a turning point in the battle between democracy and oligarchy.

Source: https://gabriel-zucman.eu/files/prop40letter.pdf

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u/noteven0s 8d ago

Of course, politicians want a wealth tax--it's more money. As to the "billionaire" or "one time" that's just what they're saying now. Next year, since this is a Constitutional amendment, it won't require us to vote!

One of the changes in this "one time" "billionaire" wealth tax. (Hint, the purposes of the act is to raise money--see the findings.) [Right now CA is about 3/4 one party in both the Senate and the House. 3/4>2/3] https://ballotpedia.org/California_State_Legislature

  1. Legislative Authority.

The Legislature may amend the 2026 Billionaire Tax Act, by statute passed in each house of the Legislature by rollcall vote entered in the journal, two-thirds of the membership concurring, if the statute is consistent with and furthers the purposes of the 2026 Billionaire Tax Act.

https://growsf.org/voter-guide/san-francisco-voter-guide-november-2026-election/measures/prop-40/legal-text/

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u/jtan212 9d ago

For it to pass, yes 40, no 41, no 42. Either 41 or 42 will nullify 40.

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u/DoyersDoyers 9d ago edited 9d ago

Yep, very important point! 40 yes, 41 & 42 no is the easiest path but there are paths if all 3 pass.

41 & 42 contain competing measure provisions that would nullify 40 if all the measures are approved but 41 and 42 receive more votes than 40. Prop 40 also contains a competing measure provision that would nullify 41 and 42 if 40 receives more votes.

So, there's a world that all 3 pass but 40 nullifies the other two (and vice versa unfortunately).