The survival of American democracy depends on taxing billionaires
- The richest 1% hold over 31% of US wealth.
- California’s proposed 5% tax could raise about $110 billion.
- The debate centres on fairness, public funding and billionaire migration.
The article argues that taxing billionaires is vital to funding public services and restoring a sense of fairness, which it sees as important to the health of American democracy. It says extreme wealth gives a small group outsized influence while making it difficult for governments to tax their…