Newsom today takes the billionaire tax fight to the national level. His premise that the wealthy pay lower tax rates than the rest is a lie. We know from Auten and Splinter that the average tax rate rises from 2% at the lowest quintile income group to 45% for the top 0.01% of taxpayers.
Gavin Newsom (@GavinNewsom)
It's time for a national billionaires tax and a new social contract.
10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed.
The system is fundamentally broken.
The federal tax code, a corporate code, and an inheritance code were written for a different set of Americans.
It’s time for an economic reset.
substack.com/@gavinnewsom
Video
— https://nitter.net/GavinNewsom/status/2070496029280276571#m