<\/p>\n
The conversation also featured a notable split among political and business leaders, as figures such as Tom Steyer and Jensen Huang expressed openness to higher taxes on the ultrawealthy, while voices including Matt Mahan, Christine Gregoire, Jamie Dimon, Jeff Bezos, and Jonathan Turley argued that wealth-tax proposals could undermine growth, investment, or broader public confidence.<\/strong><\/em><\/h3>\n <\/p>\n
Please find summaries of relevant articles with web links below.<\/strong> Please reach out to any member of your Brownstein National Tax Policy Group team with questions or to set up a meeting.<\/a><\/p>\nFederal<\/strong><\/h4>\nTax Subcommittee Hearing on Your Paycheck, Returned: How the Working Families Tax Cuts Delivered for Americans \u2013 House Ways and Means Committee (2:28:00)<\/a>
During Wednesday\u2019s hearing with the House Ways and Means Tax Subcommittee, Rep. Don Beyer (D-VA) spoke on\u00a0his legislation (introduced with Sen. Chris Van Hollen (D-MD)) as a contrast to recent estate tax cuts, arguing that Republicans preserved roughly $200 billion in tax breaks benefiting a small number of wealthy heirs. He criticized the current estate tax structure, particularly provisions like the step-up in basis, for allowing inherited wealth to go largely untaxed. Rep. Beyer framed these policies as contributing to rising wealth concentration and federal debt, arguing that prioritizing tax relief for working- and middle-class families over inherited wealth would better address economic strain and long-term inequality.<\/p>\nRep. Ro Khanna on U.S.-China relations, Taiwan concerns and wealth tax push \u2013 CNBC (6:12-7:02)<\/a>
Rep. Ro Khanna (D-CA) briefly discussed the wealth tax at his commencement speech at Suffolk University earlier this week and he highlighted support from young people regarding taxes on billionaires. Rep. Khanna agreed with Joe Kernan (CNBC) that billionaires create value, but posed the question if it would be \u201cthe worst thing in the world\u201d if billionaire had to pay \u201ca few percent to tax.\u201d<\/p>\nCalifornia<\/strong><\/h4>\nTom Steyer Wants to Save California From Billionaires. But Also Doesn\u2019t Want Them to Leave – WIRED<\/a>
California gubernatorial candidate Tom Steyer (D) supports California\u2019s wealth tax proposal, which has prompted wealthy residents like Sergey Brin and Peter Thiel to leave (or threaten to leave) the state. He argues it “doesn’t go far enough” because it’s a one-time tax that doesn’t specifically fund education. Steyer frames his position as balancing California’s role as an innovation hub with addressing extreme inequality, arguing that while he wants billionaires to come and build world-changing companies, they must pay their fair share and contribute to “shared prosperity” rather than extracting wealth from the state’s ecosystem without supporting teachers, nurses, and other essential workers.<\/p>\nA \u2018tax-the-rich\u2019 billionaire candidate? Democrats are intrigued – The Guardian<\/a>
Tom Steyer, a billionaire running for California governor, is campaigning on taxing the ultrawealthy and addressing affordability, positioning himself as a \u201cclass traitor\u201d willing to challenge fellow billionaires. While some progressives remain skeptical, others are willing to support him as aligned with their goals, even as concerns persist over whether a billionaire can credibly lead a movement to tax the rich.<\/p>\nCalifornia gubernatorial candidate Matt Mahan outlines his priorities for Golden State – AOL<\/a>
In a recent interview with KTLA, Mahan pushed back on proposals for a billionaire\u2019s tax. He argued that such policies often fail because wealthy individuals can relocate to avoid them\u2014a pattern he says has played out in several European countries that later repealed similar taxes. He warned that the unintended consequence is a greater burden on middle-class taxpayers. While skeptical of a wealth tax, Mahan acknowledged that addressing inequality through the tax code remains important, suggesting that raising capital gains rates could be a more effective alternative.<\/p>\nTech leaders funding Matt Mahan’s campaign for California governor say it’s not about tech – Los Angeles Times<\/a>
San Jos\u00e9 Mayor Matt Mahan\u2019s gubernatorial campaign has been fueled by significant financial backing from Silicon Valley entrepreneurs, prompting criticism that he may be aligned with Big Tech interests. Mahan and his donors reject that claim, arguing their support is based on his centrist, results-oriented approach to issues like housing, homelessness, education, and public safety\u2014not tech favoritism. Sergey Brin, the co-founder of Google, also donated the maximum amount to Mahan directly.<\/p>\nCalifornia\u2019s billionaire tax proposal raises eyebrows \u2013 Deseret News<\/a>
California’s proposed wealth tax has sparked debate over whether it will help or hurt the state’s economy. Supporters, led by the Service Employees International Union-United Healthcare Workers West, argue the proposal would raise $100 billion. However, critics warn the retroactive tax is likely unconstitutional and has already prompted high-profile billionaires to leave California, potentially costing the state $24.7 billion in lost tax revenue over time, exceeding any gains from a potential wealth tax. Opponents argue the proposal doesn’t address California’s underlying spending problems and could accelerate the exodus of wealthy residents to no-income-tax states like Texas and Florida.<\/p>\nConnecticut<\/strong><\/h4>\nState Rep. Josh Elliott proposes changes to tax structure as race for Connecticut governor continues \u2013 News 8<\/a>
Connecticut state Rep. Josh Elliott, who is challenging Gov. Ned Lamont in a Democratic primary for governor, is proposing to implement a 4% surtax on individuals earning $1 million or more, modeled after Massachusetts’ approach. Elliott plans to direct the revenue from this “millionaire tax” to municipalities to ensure education quality is not dependent on zip code.<\/p>\nWashington<\/strong><\/h4>\nFormer Washington Gov. Christine Gregoire rips fellow Democrats for pushing millionaires out \u2013 NY Post<\/a>
Former Washington Gov. Christine Gregoire (D), criticized her party’s state legislators for passing a millionaires’ tax. She warned that they failed to understand the economic consequences as wealthy residents flee the state, taking with them capital gains tax revenue and philanthropic contributions.<\/p>\nGOP targets millionaire tax via state High Court elections; \u2018extraordinary year,\u2019 chair says \u2013 King 5<\/a>;\u00a0Big money pours into Washington Supreme Court races amid millionaires tax debate \u2013 KOMO News<\/a>
Washington state Republicans are targeting state Supreme Court elections as battles over the recently enacted millionaires’ tax and other major policy issues. GOP Chairman Jim Walsh called it “an extraordinary year” as five of nine Supreme Court seats are up for election in November. The GOP informally endorsed two judicial candidates, retired Federal Way Municipal Court Judge Dave Larson and Mason County Superior Court Judge David Stevens. Democrats emphasized the court will decide “crucial issues” including tax reform, environmental regulations, and healthcare, with several races drawing hundreds of thousands of dollars in campaign contributions despite being officially nonpartisan.<\/p>\nNew York City<\/strong><\/h4>\nMamdani\u2019s Tax Plans May Hurt New York, JPMorgan\u2019s Dimon Says- Bloomberg Law<\/a>
JPMorgan CEO Jamie Dimon criticized New York Mayor Zohran Mamdani\u2019s proposed tax increases on wealthy residents. He warned that they could undermine the city\u2019s competitiveness as a business hub and accelerate the loss of talent and companies to lower-tax states like Texas. While acknowledging some of Mamdani\u2019s policy goals, such as improving affordability, Dimon argued that anti-business rhetoric and high taxes risk driving employers and workers away, citing shifts in JPMorgan\u2019s own workforce.<\/p>\nOther<\/strong><\/h4>\nBezos defends billionaires, hypes AI, talks taxes and praises Trump – CNBC<\/a>
Jeff Bezos said the bottom half of U.S. earners should pay zero federal income tax. He framed the policy as a way to relieve financial pressure on working households, saying it \u201cmakes no sense\u201d to tax moderate-income workers like a $75,000-earning nurse.\u00a0He also said that increasing his (or other billionaires\u2019) income tax rates would not help lower-income households. He argued that while he already pays billions in taxes, raising those taxes would not solve the underlying problem.<\/p>\nThe billionaires telling other billionaires to shut up and pay their taxes – CNN Business<\/a>
Nvidia CEO Jensen Huang, worth an estimated $200 billion, publicly supported California’s proposed wealth tax, saying “it’s fine” and that paying taxes is a way of giving back, contrasting sharply with fellow billionaires like Sergey Brin and Peter Thiel who are spending millions to oppose the measure. The division among the ultra-wealthy reflects political and generational fault lines, with older billionaires like Warren Buffett and Bill Gates viewing high taxes as civic duty, while younger libertarian-leaning tech entrepreneurs question government effectiveness and prefer to allocate their own wealth.<\/p>\nDemocrats\u2019 wealth taxes are Trojan horses: Beware what lies inside – AOL<\/a>
Jonathan Turley argues that Democratic wealth tax proposals in California and other states are “Trojan horses” that will eventually extend beyond billionaires to target broader segments of the population. Turley warns that California’s proposal has already cost the state significantly as wealthy residents have relocated to states like Texas and Florida.<\/p>\n[\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n
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The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n[\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n
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#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
This week\u2019s wealth tax developments reflect continuing debate across California, Connecticut, Washington, New York City, and beyond, with supporters framing new taxes as a response to inequality and public-funding pressures while critics warn about migration, competitiveness, and legal risk. The conversation also featured a notable split among political and business leaders, as figures such […]<\/p>\n","protected":false},"author":2,"featured_media":17418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,115],"tags":[],"class_list":["post-17411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17411"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions"}],"predecessor-version":[{"id":17419,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions\/17419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17418"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Federal<\/strong><\/h4>\nTax Subcommittee Hearing on Your Paycheck, Returned: How the Working Families Tax Cuts Delivered for Americans \u2013 House Ways and Means Committee (2:28:00)<\/a>
During Wednesday\u2019s hearing with the House Ways and Means Tax Subcommittee, Rep. Don Beyer (D-VA) spoke on\u00a0his legislation (introduced with Sen. Chris Van Hollen (D-MD)) as a contrast to recent estate tax cuts, arguing that Republicans preserved roughly $200 billion in tax breaks benefiting a small number of wealthy heirs. He criticized the current estate tax structure, particularly provisions like the step-up in basis, for allowing inherited wealth to go largely untaxed. Rep. Beyer framed these policies as contributing to rising wealth concentration and federal debt, arguing that prioritizing tax relief for working- and middle-class families over inherited wealth would better address economic strain and long-term inequality.<\/p>\nRep. Ro Khanna on U.S.-China relations, Taiwan concerns and wealth tax push \u2013 CNBC (6:12-7:02)<\/a>
Rep. Ro Khanna (D-CA) briefly discussed the wealth tax at his commencement speech at Suffolk University earlier this week and he highlighted support from young people regarding taxes on billionaires. Rep. Khanna agreed with Joe Kernan (CNBC) that billionaires create value, but posed the question if it would be \u201cthe worst thing in the world\u201d if billionaire had to pay \u201ca few percent to tax.\u201d<\/p>\nCalifornia<\/strong><\/h4>\nTom Steyer Wants to Save California From Billionaires. But Also Doesn\u2019t Want Them to Leave – WIRED<\/a>
California gubernatorial candidate Tom Steyer (D) supports California\u2019s wealth tax proposal, which has prompted wealthy residents like Sergey Brin and Peter Thiel to leave (or threaten to leave) the state. He argues it “doesn’t go far enough” because it’s a one-time tax that doesn’t specifically fund education. Steyer frames his position as balancing California’s role as an innovation hub with addressing extreme inequality, arguing that while he wants billionaires to come and build world-changing companies, they must pay their fair share and contribute to “shared prosperity” rather than extracting wealth from the state’s ecosystem without supporting teachers, nurses, and other essential workers.<\/p>\nA \u2018tax-the-rich\u2019 billionaire candidate? Democrats are intrigued – The Guardian<\/a>
Tom Steyer, a billionaire running for California governor, is campaigning on taxing the ultrawealthy and addressing affordability, positioning himself as a \u201cclass traitor\u201d willing to challenge fellow billionaires. While some progressives remain skeptical, others are willing to support him as aligned with their goals, even as concerns persist over whether a billionaire can credibly lead a movement to tax the rich.<\/p>\nCalifornia gubernatorial candidate Matt Mahan outlines his priorities for Golden State – AOL<\/a>
In a recent interview with KTLA, Mahan pushed back on proposals for a billionaire\u2019s tax. He argued that such policies often fail because wealthy individuals can relocate to avoid them\u2014a pattern he says has played out in several European countries that later repealed similar taxes. He warned that the unintended consequence is a greater burden on middle-class taxpayers. While skeptical of a wealth tax, Mahan acknowledged that addressing inequality through the tax code remains important, suggesting that raising capital gains rates could be a more effective alternative.<\/p>\nTech leaders funding Matt Mahan’s campaign for California governor say it’s not about tech – Los Angeles Times<\/a>
San Jos\u00e9 Mayor Matt Mahan\u2019s gubernatorial campaign has been fueled by significant financial backing from Silicon Valley entrepreneurs, prompting criticism that he may be aligned with Big Tech interests. Mahan and his donors reject that claim, arguing their support is based on his centrist, results-oriented approach to issues like housing, homelessness, education, and public safety\u2014not tech favoritism. Sergey Brin, the co-founder of Google, also donated the maximum amount to Mahan directly.<\/p>\nCalifornia\u2019s billionaire tax proposal raises eyebrows \u2013 Deseret News<\/a>
California’s proposed wealth tax has sparked debate over whether it will help or hurt the state’s economy. Supporters, led by the Service Employees International Union-United Healthcare Workers West, argue the proposal would raise $100 billion. However, critics warn the retroactive tax is likely unconstitutional and has already prompted high-profile billionaires to leave California, potentially costing the state $24.7 billion in lost tax revenue over time, exceeding any gains from a potential wealth tax. Opponents argue the proposal doesn’t address California’s underlying spending problems and could accelerate the exodus of wealthy residents to no-income-tax states like Texas and Florida.<\/p>\nConnecticut<\/strong><\/h4>\nState Rep. Josh Elliott proposes changes to tax structure as race for Connecticut governor continues \u2013 News 8<\/a>
Connecticut state Rep. Josh Elliott, who is challenging Gov. Ned Lamont in a Democratic primary for governor, is proposing to implement a 4% surtax on individuals earning $1 million or more, modeled after Massachusetts’ approach. Elliott plans to direct the revenue from this “millionaire tax” to municipalities to ensure education quality is not dependent on zip code.<\/p>\nWashington<\/strong><\/h4>\nFormer Washington Gov. Christine Gregoire rips fellow Democrats for pushing millionaires out \u2013 NY Post<\/a>
Former Washington Gov. Christine Gregoire (D), criticized her party’s state legislators for passing a millionaires’ tax. She warned that they failed to understand the economic consequences as wealthy residents flee the state, taking with them capital gains tax revenue and philanthropic contributions.<\/p>\nGOP targets millionaire tax via state High Court elections; \u2018extraordinary year,\u2019 chair says \u2013 King 5<\/a>;\u00a0Big money pours into Washington Supreme Court races amid millionaires tax debate \u2013 KOMO News<\/a>
Washington state Republicans are targeting state Supreme Court elections as battles over the recently enacted millionaires’ tax and other major policy issues. GOP Chairman Jim Walsh called it “an extraordinary year” as five of nine Supreme Court seats are up for election in November. The GOP informally endorsed two judicial candidates, retired Federal Way Municipal Court Judge Dave Larson and Mason County Superior Court Judge David Stevens. Democrats emphasized the court will decide “crucial issues” including tax reform, environmental regulations, and healthcare, with several races drawing hundreds of thousands of dollars in campaign contributions despite being officially nonpartisan.<\/p>\nNew York City<\/strong><\/h4>\nMamdani\u2019s Tax Plans May Hurt New York, JPMorgan\u2019s Dimon Says- Bloomberg Law<\/a>
JPMorgan CEO Jamie Dimon criticized New York Mayor Zohran Mamdani\u2019s proposed tax increases on wealthy residents. He warned that they could undermine the city\u2019s competitiveness as a business hub and accelerate the loss of talent and companies to lower-tax states like Texas. While acknowledging some of Mamdani\u2019s policy goals, such as improving affordability, Dimon argued that anti-business rhetoric and high taxes risk driving employers and workers away, citing shifts in JPMorgan\u2019s own workforce.<\/p>\nOther<\/strong><\/h4>\nBezos defends billionaires, hypes AI, talks taxes and praises Trump – CNBC<\/a>
Jeff Bezos said the bottom half of U.S. earners should pay zero federal income tax. He framed the policy as a way to relieve financial pressure on working households, saying it \u201cmakes no sense\u201d to tax moderate-income workers like a $75,000-earning nurse.\u00a0He also said that increasing his (or other billionaires\u2019) income tax rates would not help lower-income households. He argued that while he already pays billions in taxes, raising those taxes would not solve the underlying problem.<\/p>\nThe billionaires telling other billionaires to shut up and pay their taxes – CNN Business<\/a>
Nvidia CEO Jensen Huang, worth an estimated $200 billion, publicly supported California’s proposed wealth tax, saying “it’s fine” and that paying taxes is a way of giving back, contrasting sharply with fellow billionaires like Sergey Brin and Peter Thiel who are spending millions to oppose the measure. The division among the ultra-wealthy reflects political and generational fault lines, with older billionaires like Warren Buffett and Bill Gates viewing high taxes as civic duty, while younger libertarian-leaning tech entrepreneurs question government effectiveness and prefer to allocate their own wealth.<\/p>\nDemocrats\u2019 wealth taxes are Trojan horses: Beware what lies inside – AOL<\/a>
Jonathan Turley argues that Democratic wealth tax proposals in California and other states are “Trojan horses” that will eventually extend beyond billionaires to target broader segments of the population. Turley warns that California’s proposal has already cost the state significantly as wealthy residents have relocated to states like Texas and Florida.<\/p>\n[\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n
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<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\n[\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\nAs we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n
The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n[\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n
\nFamily Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n
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#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
This week\u2019s wealth tax developments reflect continuing debate across California, Connecticut, Washington, New York City, and beyond, with supporters framing new taxes as a response to inequality and public-funding pressures while critics warn about migration, competitiveness, and legal risk. The conversation also featured a notable split among political and business leaders, as figures such […]<\/p>\n","protected":false},"author":2,"featured_media":17418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,115],"tags":[],"class_list":["post-17411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17411"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions"}],"predecessor-version":[{"id":17419,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions\/17419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17418"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
During Wednesday\u2019s hearing with the House Ways and Means Tax Subcommittee, Rep. Don Beyer (D-VA) spoke on\u00a0his legislation (introduced with Sen. Chris Van Hollen (D-MD)) as a contrast to recent estate tax cuts, arguing that Republicans preserved roughly $200 billion in tax breaks benefiting a small number of wealthy heirs. He criticized the current estate tax structure, particularly provisions like the step-up in basis, for allowing inherited wealth to go largely untaxed. Rep. Beyer framed these policies as contributing to rising wealth concentration and federal debt, arguing that prioritizing tax relief for working- and middle-class families over inherited wealth would better address economic strain and long-term inequality.<\/p>\n
Rep. Ro Khanna on U.S.-China relations, Taiwan concerns and wealth tax push \u2013 CNBC (6:12-7:02)<\/a> Tom Steyer Wants to Save California From Billionaires. But Also Doesn\u2019t Want Them to Leave – WIRED<\/a> A \u2018tax-the-rich\u2019 billionaire candidate? Democrats are intrigued – The Guardian<\/a> California gubernatorial candidate Matt Mahan outlines his priorities for Golden State – AOL<\/a> Tech leaders funding Matt Mahan’s campaign for California governor say it’s not about tech – Los Angeles Times<\/a> California\u2019s billionaire tax proposal raises eyebrows \u2013 Deseret News<\/a> State Rep. Josh Elliott proposes changes to tax structure as race for Connecticut governor continues \u2013 News 8<\/a> Former Washington Gov. Christine Gregoire rips fellow Democrats for pushing millionaires out \u2013 NY Post<\/a> GOP targets millionaire tax via state High Court elections; \u2018extraordinary year,\u2019 chair says \u2013 King 5<\/a>;\u00a0Big money pours into Washington Supreme Court races amid millionaires tax debate \u2013 KOMO News<\/a> Mamdani\u2019s Tax Plans May Hurt New York, JPMorgan\u2019s Dimon Says- Bloomberg Law<\/a> Bezos defends billionaires, hypes AI, talks taxes and praises Trump – CNBC<\/a> The billionaires telling other billionaires to shut up and pay their taxes – CNN Business<\/a> Democrats\u2019 wealth taxes are Trojan horses: Beware what lies inside – AOL<\/a> [\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n About Brownstein Hyatt Farber Schreck [\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.27.4″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" This week\u2019s wealth tax developments reflect continuing debate across California, Connecticut, Washington, New York City, and beyond, with supporters framing new taxes as a response to inequality and public-funding pressures while critics warn about migration, competitiveness, and legal risk. The conversation also featured a notable split among political and business leaders, as figures such […]<\/p>\n","protected":false},"author":2,"featured_media":17418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,115],"tags":[],"class_list":["post-17411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17411"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions"}],"predecessor-version":[{"id":17419,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17411\/revisions\/17419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17418"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Rep. Ro Khanna (D-CA) briefly discussed the wealth tax at his commencement speech at Suffolk University earlier this week and he highlighted support from young people regarding taxes on billionaires. Rep. Khanna agreed with Joe Kernan (CNBC) that billionaires create value, but posed the question if it would be \u201cthe worst thing in the world\u201d if billionaire had to pay \u201ca few percent to tax.\u201d<\/p>\nCalifornia<\/strong><\/h4>\n
California gubernatorial candidate Tom Steyer (D) supports California\u2019s wealth tax proposal, which has prompted wealthy residents like Sergey Brin and Peter Thiel to leave (or threaten to leave) the state. He argues it “doesn’t go far enough” because it’s a one-time tax that doesn’t specifically fund education. Steyer frames his position as balancing California’s role as an innovation hub with addressing extreme inequality, arguing that while he wants billionaires to come and build world-changing companies, they must pay their fair share and contribute to “shared prosperity” rather than extracting wealth from the state’s ecosystem without supporting teachers, nurses, and other essential workers.<\/p>\n
Tom Steyer, a billionaire running for California governor, is campaigning on taxing the ultrawealthy and addressing affordability, positioning himself as a \u201cclass traitor\u201d willing to challenge fellow billionaires. While some progressives remain skeptical, others are willing to support him as aligned with their goals, even as concerns persist over whether a billionaire can credibly lead a movement to tax the rich.<\/p>\n
In a recent interview with KTLA, Mahan pushed back on proposals for a billionaire\u2019s tax. He argued that such policies often fail because wealthy individuals can relocate to avoid them\u2014a pattern he says has played out in several European countries that later repealed similar taxes. He warned that the unintended consequence is a greater burden on middle-class taxpayers. While skeptical of a wealth tax, Mahan acknowledged that addressing inequality through the tax code remains important, suggesting that raising capital gains rates could be a more effective alternative.<\/p>\n
San Jos\u00e9 Mayor Matt Mahan\u2019s gubernatorial campaign has been fueled by significant financial backing from Silicon Valley entrepreneurs, prompting criticism that he may be aligned with Big Tech interests. Mahan and his donors reject that claim, arguing their support is based on his centrist, results-oriented approach to issues like housing, homelessness, education, and public safety\u2014not tech favoritism. Sergey Brin, the co-founder of Google, also donated the maximum amount to Mahan directly.<\/p>\n
California’s proposed wealth tax has sparked debate over whether it will help or hurt the state’s economy. Supporters, led by the Service Employees International Union-United Healthcare Workers West, argue the proposal would raise $100 billion. However, critics warn the retroactive tax is likely unconstitutional and has already prompted high-profile billionaires to leave California, potentially costing the state $24.7 billion in lost tax revenue over time, exceeding any gains from a potential wealth tax. Opponents argue the proposal doesn’t address California’s underlying spending problems and could accelerate the exodus of wealthy residents to no-income-tax states like Texas and Florida.<\/p>\nConnecticut<\/strong><\/h4>\n
Connecticut state Rep. Josh Elliott, who is challenging Gov. Ned Lamont in a Democratic primary for governor, is proposing to implement a 4% surtax on individuals earning $1 million or more, modeled after Massachusetts’ approach. Elliott plans to direct the revenue from this “millionaire tax” to municipalities to ensure education quality is not dependent on zip code.<\/p>\nWashington<\/strong><\/h4>\n
Former Washington Gov. Christine Gregoire (D), criticized her party’s state legislators for passing a millionaires’ tax. She warned that they failed to understand the economic consequences as wealthy residents flee the state, taking with them capital gains tax revenue and philanthropic contributions.<\/p>\n
Washington state Republicans are targeting state Supreme Court elections as battles over the recently enacted millionaires’ tax and other major policy issues. GOP Chairman Jim Walsh called it “an extraordinary year” as five of nine Supreme Court seats are up for election in November. The GOP informally endorsed two judicial candidates, retired Federal Way Municipal Court Judge Dave Larson and Mason County Superior Court Judge David Stevens. Democrats emphasized the court will decide “crucial issues” including tax reform, environmental regulations, and healthcare, with several races drawing hundreds of thousands of dollars in campaign contributions despite being officially nonpartisan.<\/p>\nNew York City<\/strong><\/h4>\n
JPMorgan CEO Jamie Dimon criticized New York Mayor Zohran Mamdani\u2019s proposed tax increases on wealthy residents. He warned that they could undermine the city\u2019s competitiveness as a business hub and accelerate the loss of talent and companies to lower-tax states like Texas. While acknowledging some of Mamdani\u2019s policy goals, such as improving affordability, Dimon argued that anti-business rhetoric and high taxes risk driving employers and workers away, citing shifts in JPMorgan\u2019s own workforce.<\/p>\nOther<\/strong><\/h4>\n
Jeff Bezos said the bottom half of U.S. earners should pay zero federal income tax. He framed the policy as a way to relieve financial pressure on working households, saying it \u201cmakes no sense\u201d to tax moderate-income workers like a $75,000-earning nurse.\u00a0He also said that increasing his (or other billionaires\u2019) income tax rates would not help lower-income households. He argued that while he already pays billions in taxes, raising those taxes would not solve the underlying problem.<\/p>\n
Nvidia CEO Jensen Huang, worth an estimated $200 billion, publicly supported California’s proposed wealth tax, saying “it’s fine” and that paying taxes is a way of giving back, contrasting sharply with fellow billionaires like Sergey Brin and Peter Thiel who are spending millions to oppose the measure. The division among the ultra-wealthy reflects political and generational fault lines, with older billionaires like Warren Buffett and Bill Gates viewing high taxes as civic duty, while younger libertarian-leaning tech entrepreneurs question government effectiveness and prefer to allocate their own wealth.<\/p>\n
Jonathan Turley argues that Democratic wealth tax proposals in California and other states are “Trojan horses” that will eventually extend beyond billionaires to target broader segments of the population. Turley warns that California’s proposal has already cost the state significantly as wealthy residents have relocated to states like Texas and Florida.<\/p>\n<\/p>\n
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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