The measure would ease inequality and bolster healthcare – without draining our coffers or triggering a billionaire exodus
On Tuesday, California voters will decide whether to enact Proposition 40, a one-time, 5% tax on the net worth of about 250 California billionaires.
In recent months, a number of California billionaires and their apologists in the media and in government have come out swinging against the ballot measure. I’m not a billionaire, but I’m a Californian wealthy enough to know that they have no valid reason to fight the proposition. For multimillionaires like me, paying a 5% tax would not change our lives materially, and if we can afford this as people well below the billionaire line, certainly those at the very top can too.
George Zimmer, a member of Patriotic Millionaires, is the chairperson, CEO and founder of Generation Tux, an online rental platform for tuxedos and suits. He is also the founder, former CEO and chair of the Men’s Wearhouse
Source: The Guardian Business
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