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.
Read More
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.
Read More
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.
Read More
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.
Read More
Matt Underwood 
John Q. Hosedrinker