The Reporter Nicholas Lemann on California’s Battle to Pass a Billionaire Tax
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The New Yorker Radio Hour is a co-production of WNYC and the New Yorker. This is the New Yorker Radio Hour. I'm David Remnick. In the midterm election next month. There's a wealth tax on the ballot. In the state of California.
It calls for a five percent tax on wealth above one billion dollars. It's earmarked for health care. Now that's a tax only on actual billionaires. And we've heard a lot about the progressive surge in this election, so You would think that's a pretty easy win for the Democrats.
Who would not vote to tax the billionaires? Just a little bit more. Well, not so fast. Many prominent Democrats are not supporting the measure. And it really faces an uphill battle. The wealth tax is seen as a bellwether progressive issue.
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