A coalition of labor organizations and community advocates is launching a campaign to pressure state governments to implement “Tax the Rich” policies. The initiative aims to counteract the effects of federal budget cuts that threaten vital social programs by generating revenue through increased taxes on the wealthy. This campaign draws inspiration from Massachusetts’ “millionaires tax,” which has successfully generated billions for public services. Organizers are advocating for similar legislation in various states, including California, Rhode Island, and Michigan, and urging all states to consider this approach to address wealth inequality and protect essential public programs.
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At a City Hall event, Senator Bernie Sanders swore in newly elected Mayor Zohran Mamdani, a democratic socialist who campaigned on working-class priorities. Mamdani, echoing Sanders’ call, emphasized the need to tax the wealthy to fund initiatives like universal childcare and rent freezes, aiming to improve the lives of all New Yorkers. The mayor’s agenda included increasing corporate tax rates and taxes on high-income earners. The inauguration followed the backdrop of growing wealth disparities, with the world’s richest individuals accumulating trillions, prompting fresh demands for wealth taxes.
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Billionaires are vehemently opposing a proposed one-time wealth tax on the richest Californians, with some claiming they are fleeing the state to avoid the tax. Critics, like Chamath Palihapitiya and Bill Ackman, have characterized the initiative as an unacceptable seizure of assets. News outlets, such as the Washington Post, have also voiced their disapproval, while reports indicate that some investment firms are establishing new offices outside of California. Supporters of the tax, however, argue that it is a reasonable request for the wealthiest individuals to contribute to mitigate crises facing healthcare, education, and the broader economy, potentially raising approximately $100 billion in revenue for crucial programs.
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The world’s 500 richest individuals, including prominent figures like Jeff Bezos and Elon Musk, saw their combined wealth surge by a record $2.2 trillion in 2025. This increase, fueled by the political climate, brought their total net worth to $11.9 trillion. A small group of eight ultra-wealthy individuals, including Trump and Musk, were responsible for a significant portion of these gains. Concerns about the rising inequality prompted discussions about solutions like a global wealth tax, with estimates suggesting substantial revenue could be generated from taxing the wealthiest individuals.
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“I will miss them”: Khanna mocks tech billionaires threatening to leave California for wealth tax – the sentiment is one of amused defiance, a clear-eyed understanding that the threats are likely bluster, and a willingness to call the bluff. It’s a sentiment that resonates with many, a frustration at the perceived arrogance of those who wield immense wealth and leverage it for their own benefit, often at the expense of the society that allows them to thrive.
The common thread throughout the discussion centers on the fact that these threats to leave are a familiar refrain. Reminiscent of the “they were supposed to leave New York 15 years ago” anecdote, the consensus is that the departure of these tech titans is highly improbable.… Continue reading
Romney calls for higher taxes on the wealthy in a recent New York Times op-ed, a move that’s certainly generating some buzz, even if it’s coming at a point in his career where he’s no longer wielding the power to legislate. It’s hard not to notice the timing – after decades in the political arena, suddenly advocating for changes that could have been implemented while he held office. It’s the classic, “Now that I’m out, let’s talk about what should have been done all along” scenario.
This shift in stance, from a figure often associated with conservative economics to advocating for higher taxes on the wealthy, is a significant departure.… Continue reading
California Governor Gavin Newsom, considered a potential Democratic presidential candidate, expressed his desire for a “big tent” party but opposes a wealth tax, despite its popularity among Democrats. This opposition comes in response to a proposed “emergency billionaires tax” in California, aimed at restoring Medicaid funding, and is championed by unions and healthcare groups. Newsom’s stance puts him at odds with the majority of Americans and Democrats who support such measures, as evidenced by various national polls. Critics are puzzled by his approach, arguing that his opposition to the wealth tax doesn’t align with the values of the party.
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California Governor Gavin Newsom is opposing a proposed tax on billionaires designed to fund healthcare services and schools, which could raise approximately $100 billion over five years. The tax, known as the “2026 Billionaire Tax Act,” would impose a one-time 5% tax on individuals worth over $1 billion, potentially affecting tech leaders like Mark Zuckerberg and Jensen Huang. Newsom’s opposition is a setback for progressives and labor groups supporting the initiative, though its backers, including SEIU United Healthcare Workers West, believe he will ultimately support it. As Newsom eyes a potential 2028 presidential bid, he has received significant campaign contributions from billionaires, and may need to continue to garner support from wealthy donors.
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Congressman Dan Goldman (NY-10) has introduced the ROBINHOOD Act, a bill targeting the ultra-wealthy’s use of borrowing schemes to avoid paying taxes on capital gains. The legislation proposes a 20% excise tax on loans and lines of credit secured by capital assets for high-income earners. This initiative aims to generate at least $276 billion over ten years by making the wealthiest individuals contribute their fair share, with potential revenues earmarked for investments in universal pre-K and childcare programs. The act seeks to address the current tax code’s shortcomings, where the ultra-wealthy are able to avoid taxes while accessing massive sums of money.
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The initiative proposes a one-time 5% tax on the wealth of California billionaires, potentially generating $100 billion. This levy would impact approximately 200 residents with a net worth of $1 billion or more. The funds raised would be earmarked for state health-care costs. Supported by a healthcare workers’ union, the initiative aims to offset federal funding reductions.
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John Q. Hosedrinker 
Matt Underwood