Gen Z participated much less than the general electorate in the last election. In 2024 Gen Z voter turnout in the presidential election was 47% vs 65% overall turnout.
The desired outcome is that billionaires should pay their "fair share". That's fine, but are the supporters of this sure that this is the best way to do it?
Also, do they know who really is going to eventually pay for this tax? Guess. (It is not most billionaires.)
On top of that, those taxes will require founders to liquidate their holdings and will also affect employees holding the stock as well so it actually hits tech workers harder.
It's bad enough that the large tech companies are now funding AI data centers by selling their own stock. So why would the founders want to tolerate a >$1B-$40B hit to their own net worth for a tax that really is not a one time tax which the threshold of this "wealth tax" will eventually get lowered into the 100M zone?
Money has to come from someplace if you want the US Gov to stop printing money and inflation.
What is hardly mentioned about inflation is the tax cuts for the rich. That increases money supply and forces the Fed to borrow more, or find other ways of raising funds to pay for the government.
So yes, either fix the tax code or enable this wealth tax nation wide, no other choice. One reason people like the 50s was everyone was taxed and most wealth was not in the hands of the few.
While the concept of progressive wealth taxation is very important and good, executing on such taxes is very hard.
I'm skeptical this bill is actually a positive step in the overall campaign. That said, I think the more discussion about the concept, the better.
~69% of Gen Z support it. Time to success is a function of the age out rate of the 55+ voting cohort (~2M/year).
https://thehill.com/homenews/campaign/6096809-gen-z-taxes-we...
https://assets1.cbsnewsstatic.com/hub/cms/prod_cms_alt/file/...
Then they should vote more.
Gen Z participated much less than the general electorate in the last election. In 2024 Gen Z voter turnout in the presidential election was 47% vs 65% overall turnout.
The desired outcome is that billionaires should pay their "fair share". That's fine, but are the supporters of this sure that this is the best way to do it?
Also, do they know who really is going to eventually pay for this tax? Guess. (It is not most billionaires.)
On top of that, those taxes will require founders to liquidate their holdings and will also affect employees holding the stock as well so it actually hits tech workers harder.
It's bad enough that the large tech companies are now funding AI data centers by selling their own stock. So why would the founders want to tolerate a >$1B-$40B hit to their own net worth for a tax that really is not a one time tax which the threshold of this "wealth tax" will eventually get lowered into the 100M zone?
[delayed]
Money has to come from someplace if you want the US Gov to stop printing money and inflation.
What is hardly mentioned about inflation is the tax cuts for the rich. That increases money supply and forces the Fed to borrow more, or find other ways of raising funds to pay for the government.
So yes, either fix the tax code or enable this wealth tax nation wide, no other choice. One reason people like the 50s was everyone was taxed and most wealth was not in the hands of the few.