Economists Gabriel Zucman and Emmanuel Saez have reported in The New York Times that California's 250 billionaires amass enormous fortunes while paying minimal taxes. They support a single 5% tax on wealth, a measure that will be put to a referendum on November 3rd. The fiscal gap is becoming more visible.
Tax Systems and Wealth Control Tools 🏦
Implementing a 5% wealth tax requires complex asset valuation systems. France uses an annual net worth declaration model, with algorithms to appraise non-liquid assets such as private stocks or art. California would need digital infrastructure to cross-reference banking, stock market, and property data. Blockchain technology could audit transfers, but its state adoption is slow. Without a robust system, tax evasion would remain a technical challenge.
The Drama of Paying Taxes Like a Common Mortal 😅
Watching a billionaire pay 5% of their fortune is like asking a shark to give back a sardine: it hurts, but it doesn't take away its hunger. Meanwhile, normal Californians pay taxes for everything, even for breathing. The funny thing is that these magnates have more tax advisors than employees in their factories. If the proposal passes, we might see the rich moving to Nevada, where the only tax is having to live with the desert.