Friedberg notes California wealth tax proposal starts at 5% for billionaires with expandable scope and authority.
“Well, it's it's on the ballot now in California to pass a wealth tax, and it starts as a one time 5% tax for billionaires, but it gives the legislature in California the ability to lower the threshold and make it every year if they wanted to and change the percentage.”
Friedberg predicts national wealth tax debate in 2028 will expand like income tax did from 1% initially.
“You think we are gonna find ourselves in that conversation in 2028 and we're gonna have a national wealth tax where eventually just like we started with a 1% income tax, eventually everyone will pay a significant percentage of their net worth every year to support government services.”
Friedberg describes SEIU proposal for one-time 5% wealth tax on California billionaires via ballot measure.
“there's a proposal right from this guy, Dave Regan, who's the head of the SEIU, to do a one time 5% tax on anyone's net worth over $1,000,000,000.”