“The billionaire class now not sees itself as a part of American society,” Sanders mentioned at a Los Angeles rally in February. “They consider they’ve the divine proper to rule and are now not topic to democratic governance.”
Democratic Rep. Ro Khanna, who representsSilicon Valley, mentioned “it is unnecessary to me why any Democratic elected official or conventional Democratic allies wouldn’t be supporting this.”
“It additionally issues for the nation at a time when now we have Elon Musk changing into a trillionaire, are we actually debating whether or not we must always have a 5% tax?”
Prime California lawmakers oppose the proposal
Newsom has been a vocal opponent of the proposed tax in his state. He has, although, expressed his assist for such a measure on the federal stage.
“Here’s what I assist: A nationwide billionaires’ tax,” Newsom wrote in a publish on his Substack on Friday, which was accompanied by a video.
“Chances are you’ll not be capable of choose up and transfer to Texas or Florida to shelter your earnings from taxation, however I promise you that billionaires can, and do,” the governor wrote. “Wealth is movable, and it outlets for the state with the bottom taxes. The struggle belongs on the federal stage, the place this damaged system was created within the first place.”
