PoliticsAmerican democracy’s survival depends on taxing billionaires

The article argues that taxing billionaires is essential both to fund public goods and restore a sense of fairness, and says the issue bears on the survival of US democracy. California plans a vote on Proposition 40, a one-time 5% wealth tax on billionaires living in the state on 1 January; supporters cite potential revenue, while opponents fear wealthy residents will leave.

Californiabillionaire taxProposition 40US democracy

TThe Guardian★★★☆☆2026-10-27 11:00Original