Economics Nobel Laureates' Letter Supporting the California Billionaire Tax [pdf]

Commenters debated a proposed progressive “billionaire” wealth tax as both an important idea and a politically and administratively difficult one. Marojejian said progressive wealth taxation matters but cautioned that implementing it is hard and that the bill might not be a clear win for the broader campaign. Toomuchtodo pointed to polling suggesting roughly 69% of Gen Z support higher taxes on the wealthy and suggested demographic turnover could make success more likely over time, while andsoitis countered that Gen Z’s low turnout (cited as about 47% in 2024 versus 65% overall) means they need to vote more if they want policy change.

Others focused on economic incidence and unintended consequences. Rvz accepted the aim of making billionaires pay a “fair share” but argued the tax may not actually fall on the richest individuals, that enforcement will push founders toward liquidating stock and could harm employees who hold company equity, and that corporate actions (like selling stock to fund AI centers) already shift burdens. Rvz also warned supporters that thresholds tend to creep downward, expressing concern the tax could expand from billionaires toward much lower wealth levels over time.