A tax on billionaires is too extreme even for California
A California proposal to tax billionaires has failed, despite backing from prominent progressive politicians. Proposition 40 would have imposed a one-time tax of 5% on billionaires’ net worth, with some assets excluded from the calculation. The tax would have applied retroactively to anyone living in California on Jan. 1, 2026, a measure intended to prevent […]
2027 tax updates: What taxpayers should know
The IRS has released updated tax brackets and deduction limits for the 2027 tax year. The changes will apply to income earned in 2027, with tax returns due in 2028. The agency adjusts these figures annually to account for inflation. IRS CEO Frank Bisignano said taxpayers and businesses would see higher benefits, including a larger […]
Mamdani gets a legal win on NYC’s luxury second-home tax
New York City Mayor Zohran Mamdani won an appeals court ruling Wednesday that lets his administration keep moving ahead with a tax on expensive second homes. The court overturned a lower-court order requiring the city to restart the tax’s rollout. The four-judge panel unanimously dismissed a lawsuit brought by homeowners, ruling that they did not […]
Newsom parts ways with socialists over billionaire tax as California voters seem ready to reject it
As November’s midterm elections approached, the Democratic Socialists of America backed California’s Proposition 40, which would have introduced a one-time 5% tax on billionaires’ wealth in the state. By Wednesday afternoon, election results indicated the measure was likely to fail. Still, the DSA’s support for it has fueled debate over wealth redistribution and concerns that […]
Billionaire tax makes California’s economic future a choice for voters in the midterm elections
California voters will decide whether to approve a proposed tax on billionaires. The measure could prompt more wealthy residents to leave the state, and it remains uncertain whether it would raise as much money as supporters predict. Proposition 40 would charge taxpayers and trusts with assets above $1 billion a one-time tax of 5%. The […]
France Plans to Introduce ‘Riot Tax’ to Cover Costs of Damage from Unrest
The French Government’s Consideration of a Riot Tax The French government is reportedly looking into a new “riot tax,” which would see the costs associated with unrest reflected in citizens’ insurance premiums, according to a recent report. In recent weeks, numerous businesses and local authorities have struggled in the aftermath of severe riots, described as […]
Steve Hilton criticizes Xavier Becerra’s suggested mileage tax for drivers
Republican gubernatorial candidate Steve Hilton criticized his Democratic opponent, Xavier Becerra, on Thursday for indicating support for a mileage tax that could potentially add around $1,000 to California drivers’ annual expenses. Hilton accused the Democrats of consistently overburdening working families. “With Xavier Becerra as governor, it seems you’d be looking at an extra $1,000 a […]
Xavier Becerra is looking into a new mileage tax for California’s roads.
In a surprising turn, California gubernatorial candidate Xavier Becerra is open to a new mileage tax, aimed at funding the state’s deteriorating roads. He’s suggested that “everything should be on the table” regarding financial solutions, particularly when asked about the controversial tax in a recent interview with KCRA. Becerra emphasized, “Our roads don’t just take […]
Meta CEO Mark Zuckerberg Warns of Leaving California if Wealth Tax is Approved
Meta Addresses CEO’s Potential Relocation Over Wealth Tax Meta recently revealed that CEO Mark Zuckerberg might consider leaving California if a proposed billionaires’ wealth tax is approved by voters in November. This situation has prompted the company to propose a financial incentive to encourage him to stay. According to a report, which cites a filing […]
Final stretch of California elections: Steve Hilton promotes tax reductions while Bass and Raman clash over utility expenses
On Saturday, as early voting commenced in California, major political figures were actively campaigning, hoping to secure voter support ahead of Election Day. Each candidate presented distinct solutions to the pressing issues of affordability and public safety in the state. Republican gubernatorial candidate Steve Hilton took his campaign to the Inland Empire, advocating for tax […]