Silicon Valley’s congressman is facing a revolt from some of his wealthiest constituents, and even could get primaried.
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Why it matters: This is ground zero for the thorny politics of income inequality, which will become pervasive as the AI revolution mints more billionaires and costs “normies” their jobs.
Catch up quick: Rep. Ro Khanna (D-Calif.) recently endorsed a proposed wealth tax on California billionaires, which could be on the state’s ballot this November.
- If approved by voters, the measure would apply a one-time 5% tax on billionaires residing in the state as of last Thursday, payable in 2027. Payments also could be spread out over five years, but with added interest.
- Proceeds would be put into a dedicated account, the vast majority of which would be earmarked for health care.
- The measure was written by state labor unions, and is opposed by Gov. Gavin Newsom.
The big picture: Khanna’s support unleashed a flood of condemnation from tech founders and investors, including talk of finding and funding a rival candidate.
- A lot of the backlash was just about the rich wanting to retain their riches, with some accusing Khanna of endorsing “tyranny.”
- Others argued that California shouldn’t increase any taxes until it becomes more fiscally responsible
Isn’t it interesting this is just another “process” tax that will not have a happy ending.
We’ll fix the budget and the State of Kalif. will keep rolling along.
The problem is this is just another process that does not have an ending. It is the Socialist / Communist concept of failed governance. It is about the process not about the end.
When they get their tax, and their stupid process of government demands more they will have been proven wrong. But the likes of Weenie, Slick, Lemon, and the rest don’t want “fix it.” They want to prove they are needed to continue stealing both wealth and freedom so they can stay in power.
Did you vote for the Radical Socialist Party? Then you are the problem.