The measure would ease inequality and bolster healthcare – without draining our coffers or triggering a billionaire exodus On Tuesday, California voters will decide whether to enact Proposition 40 , a one-time, 5% tax on the net worth of about 250 California billionaires . In recent months, a number of California billionaires and their apologists in the media and in government have come out swinging against the ballot measure. I’m not a billionaire, but I’m a Californian wealthy enough to know that they have no valid reason to fight the proposition. For multimillionaires like me, paying a 5% tax would not change our lives materially, and if we can afford this as people well below the billionaire line, certainly those at the very top can too. George Zimmer, a member of Patriotic Millionaires, is the chairperson, CEO and founder of Generation Tux, an online rental platform for tuxedos and
I’m a wealthy Californian. The billionaire tax is a win for everyone | George Zimmer
Original reporting
The Guardian: read the full reportRelated stories
Defense, healthcare, crypto and AI: How the midterm election could affect stocks
Democratic gains in Congress could bring tougher oversight of major companies and shift billions of dollars in federal spending and regulatory policy.
U.S. crude falls below $100 amid reports of U.S.-Iran diplomatic efforts
Oil fell Monday, amid news that both the U.S. and Iran are pursuing diplomacy amid ongoing Mideast tensions
Crypto ‘scammers on overdrive’ as Binance customers pull billions from accounts after $6.3bn hack – business live
Rolling coverage of the latest economic and financial news Yi He, co-founder of Binance, has said that its top priority is to “ensure the environment is secure, after which users can withdraw their funds and Binance can resume operations.” She rejected comparisons with collapsed rival FTX , writing on X: Every action has a motive. Look at some fraudulent exchanges that absconded, P2P platforms, and commercial banks: their ledgers are opaque; once the website is shut down, they simply abscond with the funds, the company is liquidated or goes bankrupt, and all they need to do is give you an arbitrary excuse. As for how much money was actually in the account and where it went, there is no way to know. These kinds of closures happen without any warning—they just disappear. There is no real operation, no one comes out to explain what happened, and it is even less possible for withdrawals to b
Connecticut Sen. Chris Murphy has stroke and is in the hospital, office says
Murphy's office says he was taken to the hospital this weekend after experiencing numbness in his arm. His chief of staff said he is responding well to treatment and expected to make a full recovery.
Snowball fight: Cadbury owner in trademark row over festive chocolate treat
Mini Snow Balls’ maker Mondelēz is demanding vegan brand Moo Free remove its White Choccy Snowballs from shelves Toblerone owner sues British vegan chocolate brand over chunky shape The owner of Cadbury and Toblerone has demanded that a small vegan chocolate brand remove its products from shelves in a trademark dispute over the use of the word snowball. Mondelēz International has written a legal letter to Moo Free accusing it of trademark infringement by selling its White Choccy Snowballs – gluten-free biscuit-flavoured rice balls covered in dairy-free white chocolate. Continue reading...
Sales slump at UK’s largest brickmaker as housebuilding downturn deepens
Ibstock, which has cut production by a fifth, criticises government for delay in help for housing sector Sales at the UK’s largest brickmaker plunged by more than a fifth over the summer, as it criticised the government for not introducing fresh help for the housing sector faster. Leicestershire-based Ibstock said on Monday that sales slumped by 22% below its expectations in the three months to the end of September, prompting it to slash production levels by a fifth. Continue reading...