When it comes to taxing the super rich, there’s no need to reinvent the wheel

According to the Guardian, California voters will decide this November on a one-time wealth tax of five percent on fortunes over one billion dollars. The measure reflects frustration that billionaires minimize their tax obligations. But enforcement matters: the tax will only raise real revenue if lawmakers close the loopholes the ultra-wealthy routinely exploit. The urgency is sharpening as artificial intelligence mints new billionaires faster than ever.

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