"The misdirect here is that Newsom is opposing a WEALTH tax on billionaires in his own state and insisting he supports a new national INCOME tax on billionaires. But billionaires make money off non-income sources."
Supporting an income tax on wealth proves two things.
He is working with the wealthy which isn’t surprising.
And the common people have no idea how wealth is obtained and maintained.
The only way to hurt the wealthy is a tax on hoarded money. It needs to be a percentage of money they currently have from whatever means. Which is what they were proposing in CA. Another thing that needs to change is the tax on long term capital gains. It should be commensurate with income tax rates regardless of how long term they are.
Supporting an income tax on wealth proves two things.
He is working with the wealthy which isn’t surprising.
And the common people have no idea how wealth is obtained and maintained.
The only way to hurt the wealthy is a tax on hoarded money. It needs to be a percentage of money they currently have from whatever means. Which is what they were proposing in CA. Another thing that needs to change is the tax on long term capital gains. It should be commensurate with income tax rates regardless of how long term they are.