Friedberg suggests wealth redistribution may be inevitable to prevent civil war despite fiscal concerns.
“And I I wonder if it may be an inevitability in order to keep The United States from going into civil war. I mean that very wholeheartedly.”
Friedberg notes California ballot measure for 5% wealth tax on billionaires with legislative power to lower threshold.
“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”
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 warns California wealth tax would tax already-taxed private property for the first time.
“That's now your private property. You own this stuff. That's yours. So now comes along the government or this new bill, the billionaire tax act in California.”