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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In an effort to address declining birth rates, China has eliminated a three-decade-old tax exemption on contraceptive drugs and devices, implementing a 13% value-added tax on these items starting January 1st. This action follows the continued population decline, now in its third consecutive year, and numerous other “fertility-friendly” measures enacted in 2024, including childcare subsidies and promotion of positive marriage attitudes. The country is grappling with these demographic challenges, exacerbated by the lasting impacts of the one-child policy, urbanization, high childcare costs, and economic factors which have collectively discouraged marriage and family formation.
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A recent Economist/YouGov poll reveals strong public support for addressing wealth inequality, with 80% of Americans viewing the wealth gap as a problem. The poll found that 61% believe billionaires are taxed too little, even among Trump voters. Furthermore, a majority (57%) supports lawmakers pursuing policies to reduce the wealth gap, while only 22% disagree. These findings highlight a public desire for the government to address the widening wealth gap, fueled by factors such as stagnant wages, increasing corporate profits, and systemic racism.
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Beginning next month, China will impose a value-added tax on condoms and other contraceptives, reversing a 33-year exemption. This policy change, part of a broader effort to boost the nation’s declining birth rate, will likely increase the cost of contraception. Experts express concern that this tax could limit access to contraception, particularly for young people, while also overlooking gender-equality concerns and potentially increasing STI rates. Simultaneously, the state is promoting marriage and childbearing, with matchmaking agencies newly added to the tax-exempt list, creating a shift in how the state approaches family, marriage, and reproduction.
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On November 8th, a proposal to impose a “minimum contribution” on foreign retirees benefiting from France’s universal healthcare coverage after three months of residency garnered significant support in the Assemblée Nationale. The amendment, spearheaded by MP François Gernigon, targeted retirees from G20 countries, specifically those holding long-stay visas. This measure, aimed at addressing the nation’s €23 billion social security deficit, seeks to ensure reciprocity as many of these countries lack similar healthcare contribution arrangements. While the public accounts minister acknowledged the government’s seriousness regarding the issue, the amendment was carefully crafted to exclude all foreign nationals, and focus on the G20 countries.
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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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The Democratic party, currently out of power, should advocate for a wealth tax to regain voter support in upcoming elections. Proposing an annual tax on individuals with significant wealth, such as 5% on those with $50 million or more and 10% on those with $250 million or more, could generate trillions of dollars and curb the influence of billionaires. This strategy aims to counteract the cycle of billionaires using wealth to acquire political power and dismantle public programs. Democrats must choose between defending the current economic landscape or taking the offensive with a wealth tax message to empower the public.
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President Macron is reportedly considering retaliatory measures against U.S. digital players due to concerns over digital rules perceived as discriminatory by the Trump administration. This comes after Trump threatened further tariffs on countries with digital rules that discriminate against U.S. companies, following a recent trade deal between the U.S. and the EU. While the EU has refrained from imposing countermeasures, Macron has been a vocal advocate for a tougher stance on trade with the U.S. Macron plans to discuss the issue with German Chancellor Friedrich Merz this week to assess the situation.
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The Polish government is proposing a 3% digital tax on companies with global revenues exceeding €750 million, aiming to ensure tech companies pay taxes in Poland. Despite former President Trump’s claims of discrimination against American tech, the tax is intended to apply to all relevant market participants. The revenue generated will support Polish technology development and media content creation, potentially impacting services like marketplaces and digital advertising. However, the tax’s implementation could face opposition from Poland’s president, who reportedly has a positive relationship with Trump.
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No tax on tips. It sounds simple, right? Almost too good to be true. And, as it turns out, that’s because it was. The promise, a shiny bauble dangled before a hungry electorate, came with a hefty dose of “fine print,” transforming a seemingly straightforward proposition into a complex and, for many, disappointing reality.
The devil, as they say, is in the details. In this case, the details revealed that the “no tax on tips” pledge wasn’t a complete exemption. Instead, it was capped at a specific income level, meaning that those whose earnings exceeded a certain threshold would still be subject to taxation on their tips.… Continue reading
John Q. Hosedrinker 
Matt Underwood