Cristobal Young, a sociology professor at Cornell University, said previous California tax increases on millionaires didn't lead to a mass exodus of wealthy people.
—
ABC News,
ABC News,
9 Oct. 2026
The latest in a long series of corrective measures was a thirteen-per-cent state income tax on millionaires, which went into effect in 2012 and is due to expire in 2030.
Emotionally, though, Proposition 40 has sharpened people’s views of billionaires—as heroic innovators and job creators, or as oligarchical resource hogs.
—
Nicholas Lemann,
New Yorker,
4 Oct. 2026
Some of the ads say that the billionaire tax would lead to a decline in tax revenue, while others claim that the measure will lead to the state legislature approving wealth taxes on non-billionaires.
Not until early in the next century did Congress take on the depredations of Gilded Age plutocrats.
—
Business Columnist,
Los Angeles Times,
7 Sep. 2026
Not to mention a conga line of billionaire tech, real-estate, and finance plutocrats paying feasance to a faux populist in exchange for contracts, pardons, and sundry favors.
Thompson then warned that San Francisco venture capitalists like Jones want to sunset federal programs and privatize Social Security.
—
Mathew Miranda,
Sacbee.com,
9 Oct. 2026
Venture capitalists will tell you, obviously an era where series A, first round are being done at billion dollar free money valuations in companies that have no revenue, may not even have defined a business model.
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