Topic
Taxes on accumulated net worth or very high incomes rather than ordinary income, proposed or enacted to raise revenue from the wealthiest residents.
The Nvidia chief executive told Bloomberg Television he is fine with owing about $8bn under California's proposed one-time 5% levy. The measure's $100bn target implies roughly $2trn of net worth across about 200 residents.
Reality
A letter from six Nobel economists asks Californians to treat Proposition 40 as the start of a movement other states, Washington and other countries copy. The vote is in November, and the state's own pollster has supporters behind.
Reality
California's Proposition 40 would take a one-time 5% of billionaire net worth, and at that rate the $29 billion Fortune estimates the measure loses to departures implies about $580 billion of net worth has already changed address.
Reality
Two law firms hired by different tiers of SEIU examined Dave Regan's conduct. One corroborated an account that he pressed the state council to endorse his retroactive 5% wealth tax under threat of a federal labor investigation.
Reality
California's one-time 5% billionaire asset tax is ahead but under 50% with 11% undecided. The poll's own director says that is a red flag. It is also not a reason to stop planning.
Reality
A 5% levy on about 200 people was costed against wealth that has already moved. Fortune counts roughly $29 billion gone, and the two men at the top were 28.5% of the base.
Reality