California Billionaires Got a Tax Break for Fighting the Wealth Tax

Summary

Last week, the Democrats resoundingly won control of Congress in part by tapping into populist anger at an economy rigged for billionaires. And in Washington and Colorado, voters approved tax hikes on the rich. In California, though, the billionaires managed to defeat a proposed wealth tax —and did so not simply by tapping their deep pockets, but by exploiting an unfair tax break that is effectively subsidized by American taxpayers like you. Proposition 40 would have enacted a one-time 5 percent tax on the California’s roughly 200 billionaires, mainly to backfill the federal funding cuts to…

Description from New Republic.