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The Lockean Project

Against billionaire tax

“Against billionaire tax”—Monterey Herald – Oct. 27, 2021

I oppose the “billionaire’s tax.”  The proposal would tax ‘”radeable assets” such as stocks even if the person only held on to them and impose extra taxes when real estate is sold.   The proposals would initially apply to “billionaires,”  but once enacted, I can see the wealth and income levels to which these taxes are applied going down. Soon everyone who owns stocks, or has a house will be subjected to the same taxes.  Everyone who has worked hard to save money in a 401(k), or an IRA for example might be subject to the same taxes.  Sell your house and pay the “billionaire” taxes too.

— Byron Chong, Salinas