From TIME · Mariana Mazzucato · · 1m
Wealth Tax Debate in California
California voters face wealth tax vote amid billionaire opposition.
In brief
California voters face wealth tax vote amid billionaire opposition. California's Proposition 40 would tax fortunes over $1 billion but experts say pre-distribution reforms could better address economic inequality. Originally reported by TIME.
California Wealth Tax Vote
Californians vote on Proposition 40 to tax fortunes over $1 billion.
Billionaire Opposition
Silicon Valley billionaires spent $333 million against Proposition 40.
Historical Tax Context
The U.S. income tax was struck down as unconstitutional in 1895.
Wealth Tax Critique
Wealth tax collects value long after it was created and defended.
Public Research Origins
iPhone technologies came from publicly funded research.
SpaceX and Public Funding
SpaceX used $396 million from NASA to develop Falcon 9 and Dragon capsule.
Billionaire Political Spending
Musk spent $366 million supporting Republican causes.
Brologarchy Concept
Tech billionaires profit from public research through algorithmic rents.
Solyndra and Tesla Loan Cases
Solyndra collapsed after $500 million loan while Tesla repaid $465 million loan early.
Here's the gist
California's Proposition 40 would tax fortunes over $1 billion but experts say pre-distribution reforms could better address economic inequality.
