From: punditster@gmail.com   
      
   On 2/12/2026 6:41 PM, Noah Sombrero wrote:   
   > On Thu, 12 Feb 2026 18:29:50 -0800, Dude  wrote:   
   >   
   >> On 2/12/2026 3:06 PM, Noah Sombrero wrote:   
   >>> On Thu, 12 Feb 2026 14:26:02 -0800, Dude  wrote:   
   >>>   
   >>>> On 2/12/2026 1:35 PM, Noah Sombrero wrote:   
   >>>>> On Thu, 12 Feb 2026 13:06:13 -0800, Dude  wrote:   
   >>>>>   
   >>>>>> On 2/11/2026 12:20 PM, Noah Sombrero wrote:   
   >>>>>>>   
   >>>>>>> February 11, 2026   
   >>>>>>>   
   >>>>>>> Class war is the future of American politics   
   >>>>>>> By David Wallace-Wells   
   >>>>>>>   
   >>>>>>> The San Francisco Bay Area is home to at least one-third of the value   
   >>>>>>> of the entire U.S. stock market. Late last year, you couldn’t escape   
   a   
   >>>>>>> chilling billboard campaign, meant to be cheeky, from an artificial   
   >>>>>>> intelligence start-up: “Stop Hiring Humans.” And on Saturday,   
   somebody   
   >>>>>>> tried to AstroTurf a trollish Billionaires March through the city in   
   >>>>>>> defense of Silicon Valley’s 21st-century robber barons. Only a few   
   >>>>>>> dozen people showed up, heckled along the way by passers-by.   
   >>>>>>> The billionaires themselves also seem to be on the move. In recent   
   >>>>>>> months, Mark Zuckerberg, Larry Page and Sergey Brin have all purchased   
   >>>>>>> homes outside California, potentially bringing their hundreds of   
   >>>>>>> billions of dollars with them. Others have spent the past few months   
   >>>>>>> raging about the injustice of the state’s new politics of class   
   >>>>>>> warfare.   
   >>>>>>>   
   >>>>>>> Why? A proposal — supported by the local congressman Ro Khanna but   
   not   
   >>>>>>> the state’s governor, Gavin Newsom, and currently floating in limbo   
   as   
   >>>>>>> a potential ballot initiative tentatively scheduled for the fall —   
   >>>>>>> that would impose a one-time 5 percent wealth tax on the state’s   
   >>>>>>> billionaires, whose wealth has soared since the pandemic.   
   >>>>>>>   
   >>>>>> This makes sense - California faces a projected budget deficit for the   
   >>>>>> 2026-27 fiscal year, with estimates ranging from a $2.9 billion   
   shortfall.   
   >>>>>>   
   >>>>>> However, California Governor Gavin Newsom is not in favor of the   
   >>>>>> proposed California wealth tax. Why?   
   >>>>>>   
   >>>>>> It could damage the state's economy, drive away top earners, and reduce   
   >>>>>> funding for public services by reducing overall tax investments.   
   >>>>>>   
   >>>>>> He has consistently opposed such measures, stating years ago that wealth   
   >>>>>> tax proposals were "going nowhere in California".   
   >>>>>   
   >>>>> A citizen's ballot initiative might change his mind.   
   >>>>>   
   >>>> Apparently, the Governor is not in favor of special taxes for wealthy   
   >>>> people, to pay off the state deficit. In the US, it would probably be   
   >>>> unconstitutional. Everyone is equal under the law. It's in the US   
   >>>> Constitution.   
   >>>   
   >>> A graduated income tax would still be legal.  A 5% tax on only the   
   >>> wealthy could be challenged as not fair.  I'm sure the wealthy would   
   >>> not hesitate a minit to bring that case.   
   >>>   
   >> Under the US system, higher-income households pay a larger percentage of   
   >> their income in federal taxes compared to lower-income households.   
   >>   
   >> Apparently, a flat rate of around 24% on personal income was estimated   
   >> to be revenue-neutral, meaning it would cover the then-current federal   
   >> outlays. YMMV.   
   >   
   > It would however be unsupportable for low income families.   
   >You're almost already there:   
      
   Canada - 20.5% on the portion of taxable income over $58,523 up to $117,045.   
      
   --- SoupGate-Win32 v1.05   
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