If it gets enough signatures, a California measure calling for billionaires to pay a one-time tax of 5% of their net worth will be on the ballot this fall. Most of the uber-rich oppose the idea, not surprisingly, but so do some Democrats including Gov. Gavin Newsom, who fear an exodus of well-heeled residents. But coming down squarely in favor is Los Angeles Times news and culture critic Lorraine Ali, who makes her case in an op-ed. In her view, the ultra-rich have gotten even richer thanks to the tax breaks in President Trump's One Big Beautiful Bill, and it's only fair that they give something back. She uses the example of Peter Thiel, with a net worth of $27.5 billion. Under the measure, he would have to pay $1.2 billion over five years.
"Yes, it's a lot … if you're not a billionaire," she writes. "It's doubtful any of the potentially affected affluents would feel the pinch, but it could make a world of difference for kids depending on free school lunches, or folks who need medical care but can't afford it because they've been squeezed by a system that places much of the tax burden on them." Ali acknowledges that Newsom has a point in arguing that the measure could hurt California in the long run if enough of the 1-percenters leave. But, she adds, "it's disturbing to think that some of the richest people in the nation would rather pick up and move than put a small fraction of their vast California-made ... fortunes toward helping others who need a financial boost." Read the full column.
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