It was an ambitious notion – now, Californians will vote on a one-time 5% billionaire tax, and state’s super-rich have pulled out all the stops in opposition
Because it’s only a one off, the billionaires have less to lose and thus will “only” spend a few hundred million dollars fighting it and aren’t likely to issue ultimatums to their pet politicians over it.
A more permanent tax out of the gate (with no preceding successes to pave the way) would meet several times the resistance and since the people in charge of suggesting and passing legislation are aware of that, they’d give up in advance.
And a one off 5% tax has better chances? How so?
Because it’s only a one off, the billionaires have less to lose and thus will “only” spend a few hundred million dollars fighting it and aren’t likely to issue ultimatums to their pet politicians over it.
A more permanent tax out of the gate (with no preceding successes to pave the way) would meet several times the resistance and since the people in charge of suggesting and passing legislation are aware of that, they’d give up in advance.
Maybe, but I’d be inclined to believe they’ll fight a one off 5% payment also tooth and nail, just the same way they’d fight a proper wealth tax.