{"id":842,"date":"2026-06-30T16:09:15","date_gmt":"2026-06-30T16:09:15","guid":{"rendered":"https:\/\/movingandmortgagehub.com\/?p=842"},"modified":"2026-06-30T16:09:15","modified_gmt":"2026-06-30T16:09:15","slug":"how-to-tax-a-billionaire","status":"publish","type":"post","link":"https:\/\/movingandmortgagehub.com\/?p=842","title":{"rendered":"How to Tax a Billionaire"},"content":{"rendered":"<article>\n<div><ul><li><span>Share on Facebook<\/span><\/li>\n<li><span>Share on Twitter<\/span><\/li><li><i><?xml version=\"1.0\" encoding=\"UTF-8\"?>\n<svg>\n<\/svg><\/i><span>Share on Bluesky<\/span><\/li><li><span>Email<\/span><\/li><li><span>Comments<\/span><\/li><\/ul><\/div>\n<div>\n<p><span>This November,<\/span> California voters will weigh what could become America\u2019s first-ever tax on net worth. The Billionaire Tax Act, a ballot initiative  after President Donald Trump blew holes in the state Medicaid budget, would impose a one-time tax of 5 percent on personal wealth exceeding $1 billion. With polls indicating majority support, tech oligarchs have threatened an exodus and crafted competing measures, bankrolling them to the tune of at least $118 million\u2014of which $82 million came from Google\u2019s Sergey Brin, according to the Associated Press.<\/p><p>Read more <a href=\"https:\/\/movingandmortgagehub.com\/?p=840\">States Sue to Block Medicaid Work Requirements<\/a><\/p>\n<p>On the other side is University of \u00adCalifornia, Berkeley, law professor Brian Galle, who helped write the initiative, along with several other, federal, efforts to tax the obscenely rich. These bills seldom go anywhere, even though ordinary Americans would very much like their government to do just that, as  from the amusingly named \u00adExcessive Wealth Disorder Institute made clear. <\/p>\n<p>The nonprofit examined 56 national and state polls on specific redistributive proposals and found majority support for most. People favored surtaxes on incomes over a million bucks, and for the rich to pay at least the rate on their investment gains as workers pay on their wages. They also wanted Congress to kill intergenerational dynasty trusts that grow, untaxed, in perpetuity, and they favored a dramatic reduction in the gift and estate tax exemption\u2014now $30 million\u2014which is the amount of money a superwealthy couple can pass along to their heirs without paying a dime.<\/p>\n<p>Direct wealth taxes were the most popular: Roughly two-thirds of respondents, including 51 percent of Republicans, favored the Ultra-Millionaire Tax Act first introduced in 2021 by Sen. \u00adElizabeth Warren (D-Mass.) and again this year by Rep. Pramila Jayapal (D-Wash.). That bill places a 2 percent annual tax on net household assets exceeding $50 million and 3 percent on those over $1 billion. Similar bipartisan support went to proposals from Sen. Ron Wyden (D-Ore.), Rep. Steve Cohen (D-Tenn.), and others that would tax unrealized gains on billionaires\u2019 unsold assets, paper profits the IRS currently won\u2019t touch.<\/p>\n<p>That these bills have not come close to passing hasn\u2019t stopped new proposals like the Oligarch Act, reintroduced in 2025 by Rep. Summer Lee (D-Pa.), which puts a 2 percent tax on wealth exceeding 1,000 times the national household median, rising to 8 percent on assets over <em>a million times<\/em> the median. (Only five families qualify, its author assured me.) In March, Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) introduced the Make Billionaires Pay Their Fair Share Act, a 5 percent annual tax on net household assets exceeding $1 billion.<\/p>\n<p>The challenge with any federal wealth tax, as Galle explains to me over chocolate-infused green tea at an Oakland cafe, is not just overcoming well-heeled opposition, but passing constitutional muster. Even the income tax as we know it wasn\u2019t allowed until the 1913 ratification of the 16th Amendment. Before then, it was\u2014as any federal tax on wealth would almost certainly be deemed by the Supreme Court\u2014a \u201cdirect tax,\u201d which the Constitution says is subject to \u201capportionment.\u201d To impose a direct tax, in other words, lawmakers would first have to decide how much money they wanted to collect, and then direct each state to raise its share of the total according to its share of the nation\u2019s population\u2014not its <em>billionaire<\/em> population. It was unworkable even in the 1800s, Galle told me: \u201cA direct tax at the national level has to ride in on a unicorn.\u201d<\/p>\n<p>But no unicorn is needed at the state level, where the Constitution\u2019s direct tax rule does not apply. In fact, every state already taxes wealth by way of property taxes, though even <em>those<\/em> favor the rich: Most of a middle-class homeowner\u2019s assets tend to be tied up in their primary residence, whereas a very rich family\u2019s home usually accounts for a small fraction.<\/p>\n<p>DC and seven states have passed so-called millionaire taxes, the latest being Washington, which enacted a law that will charge zero tax on incomes up to $1 million, but 9.9 percent on each additional penny. Rep. Don Beyer (D-Va.) and Sen. Chris Van Hollen (D-Md.) introduced  in March.<\/p>\n<p>Alas, such taxes don\u2019t touch unrealized investment income\u2014an exemption that enables America\u2019s richest to dodge income tax almost entirely via an infuriating tactic known as \u201cbuy, borrow, die.\u201d Rather than sell stock for money to live on, ultrawealthy investors simply take out low-interest loans against their assets. When they die, thanks to a legal abomination called the \u201cstep-up in basis\u201d rule, their princelings inherit the unsold assets at market value\u2014thus avoiding the 23.8 percent capital gains tax their parents have now deferred to the grave. \u201cWe don\u2019t tax wealth, we tax <em>income<\/em>,\u201d explains Harvey Dale, a New York University tax law professor who advises billionaire clients. \u201cFor people who have a huge amount of property and are ultrawealthy, they can avoid having very much income.\u201d<\/p>\n<p>Unrealized gains <em>are<\/em>, essentially, \u00adincome\u2014just ask the bankers who accept them as collateral. But Congress has never touched them. If it did, the Roberts court has signaled it wouldn\u2019t play along. \u201cWe all thought that there\u2019s no way the Supreme Court\u2019s going to say that income only gets measured at sale,\u201d says Galle, who had helped craft one of Cohen\u2019s efforts to tax unrealized gains. But the court\u2019s 2024 ruling in <em>Moore v. United States<\/em> made clear that it would do just that. The takeaway is that a federal tax on either wealth or paper gains will require another constitutional amendment, the likelihood of which, Dale says, \u201cseems to be something slightly below zero.\u201d<\/p>\n<p>Which helps explain why voters and lawmakers are exploring local options like New York City\u2019s pied-\u00e0-terre tax (which passed) and San Francisco\u2019s \u201cOverpaid CEO\u201d ballot measure (which didn\u2019t). Every such move begets a flurry of op-eds warning that the \u201cgolden geese\u201d will fly off to another city, state, or even country, as some of Dale\u2019s clients have. History suggests few actually will. As an analysis from the Center on Budget and Policy Priorities notes, California already has the nation\u2019s highest marginal tax rate, but boasts the second-lowest rate of out-migration among households earning more than $200,000. Then again, we\u2019re talking about billionaires.<\/p>\n<p>Allen Prohofsky, who spent 15 years as the chief economist at California\u2019s Franchise Tax Board, told me he suspects the fear of billionaire flight is overhyped when it comes to the tax initiative, but he isn\u2019t certain. \u201cIf anybody tells you they\u2019re sure they know what\u2019s going to happen,\u201d he says, they\u2019re either lying or \u201cdelusional.\u201d He adds: \u201cThe people who really hate, hate, <em>hate<\/em> taxes? Most of them have already left.\u201d <\/p><p>Read more <a href=\"https:\/\/movingandmortgagehub.com\/?p=837\">Gaza Is Costing Democratic Incumbents Their Seats<\/a><\/p>\n<p>Brin, up in arms over the proposed billionaire tax, now says he spends just enough time across the border in Nevada to qualify as a resident\u2014the Franchise Tax Board has a special enforcement unit that may ask him to prove it, Prohofsky notes. David Sacks, Mark Zuckerberg, and Peter Thiel, too, have made moves toward the door. But for most wealthy people with families and important business and social connections in the state, Prohofsky explains, there\u2019s \u201ca host of variables\u201d that keep them around. Dale agrees. Leaving one\u2019s state or country is \u201ca very complicated and ultimately personal decision, but it doesn\u2019t blend down easily into something simple,\u201d he says.<\/p>\n<p>It\u2019s too late, anyway, to flee this tax, which is set to apply to any billionaire who was a California resident on January 1, 2026. Proponents calculate that the state will gain about $100 billion. Foes at the conservative Hoover Institution claim departures will ultimately <em>cost<\/em> it $25 billion. (Galle helped write a thoughtful takedown of the Hoover analysis, but emailed me a more succinct response: \u201cLOL.\u201d) Op-eds opposing the tax have pointed out that \u00adCalifornia\u2019s richest 1 percent account for nearly 40 percent of income tax revenues, which, if true, is meaningless: The billionaires targeted by this proposal are but a tiny sliver of that 1 percent. An  by Galle, UC Berkeley economist Emmanuel Saez, and two colleagues estimates California\u2019s roughly 200 billionaires account for only about 1 percent of state tax revenue.<\/p>\n<p>Galle\u2019s latest idea: taxing unrealized gains <em>constitutionally<\/em> through a<em> \u201c<\/em>fair share tax,\u201d a strategy he helped mastermind and that is on track to be introduced as a House bill this summer. The tax would apply only to households with more than $15 million in lifetime investment gains, targeting\u2014and yes, this sounds weird\u2014their <em>realized<\/em> unrealized gains. <\/p>\n<p>Normally, when a rich family holds stock or another asset for years, they pay a 23.8 percent tax on the profits when they eventually sell\u2014or pass the assets to their kids at death and pay zero. Under Galle\u2019s proposal, the tab would be substantially higher, calculated as though the unsold stock\u2019s appreciation were taxed every year\u2014with interest tied to the annual increase. This would wipe out the advantage of holding stocks forever. It also deals with the \u201cstep-up\u201d rule, because the tax burden moves with the asset, not the person. An heir can sell inherited stock or not, but either way, someone eventually has to pay up\u2014with interest. <\/p>\n<p>Because the tax is imposed only after the income is realized, Galle is convinced his approach will satisfy the Supreme Court. To be fully effective, though, it would need to apply to assets held in complex trusts. After all, an \u201cinevitable part of the tax planning game,\u201d Dale says, is that every new rule prompts an army of $3,000-an-hour lawyers to scurry for loopholes.<\/p>\n<p>The Fair Tax isn\u2019t an actual wealth tax, but something like Galle\u2019s approach has the potential to kill \u201cbuy, borrow, die,\u201d and to begin to tame a democracy-distorting gap between rich and poor in a nation where billionaires now flex their political power openly and shamelessly. Passing it would be quite the feat\u2014if only our elected officials can somehow, miraculously, summon the fortitude.<\/p>\n<\/div>\n<footer>\n<section><h3>This is our last ask.<\/h3>\n<p>Our Summer Membership Drive ends in just a few hours, and <strong>we\u2019re still far from our goal<\/strong>. Campaigns like this one are what help us fund research, reporter travel, records requests, and so much more. Because we\u2019re not backed by a billionaire or a corporation, <strong>we depend on readers like you to help fund these initiatives<\/strong>.<\/p>\n<p><span>Last call! Can you help us today?<\/span><\/p>\n<p>We want to be able to cover every issue, especially those coming out of DC as we approach the midterms. <strong>Help ensure that we can continue digging into every issue, asking the hard questions, and relentlessly seeking the truth<\/strong>. <span>Make a donation of any amount today, and make a difference for independent journalism<\/span>.<\/p>\n<div>\n<div>\n<div>\n<\/div>\n<\/div>\n<\/div>\n<section>\n<div>\n<div>\n<div>\n<button>One-Time<\/button>\n<button>Monthly<\/button>\n<\/div><!--.row-->\n<div>\n<button>$<\/button>\n<button>$<\/button>\n<button>$<\/button>\n<\/div><!--.row-->\n<div>\n<button>Other Amount<\/button>\n<\/div><!--.row-->\n<div>\n<button>Continue<\/button>\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"Available payment methods include Visa, Master Card, Discover, and Paypal.\" class=\"wp-image-90\" height=\"60\" src=\"https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918.png\" width=\"471\" srcset=\"https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918.png 471w, https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918-300x38.png 300w\" sizes=\"auto, (max-width: 471px) 100vw, 471px\" \/><\/figure>\n\n<\/div><!--.row-->\n<\/div>\n<\/div>\n<\/section>\n<\/section><section><h3>This is our last ask.<\/h3>\n<p>Our Summer Membership Drive ends in just a few hours, and <strong>we\u2019re still far from our goal<\/strong>. Campaigns like this one are what help us fund research, reporter travel, records requests, and so much more. Because we\u2019re not backed by a billionaire or a corporation, <strong>we depend on readers like you to help fund these initiatives<\/strong>.<\/p>\n<p><span>Last call! Can you help us today?<\/span><\/p>\n<p>We want to be able to cover every issue, especially those coming out of DC as we approach the midterms. <strong>Help ensure that we can continue digging into every issue, asking the hard questions, and relentlessly seeking the truth<\/strong>. <span>Make a donation of any amount today, and make a difference for independent journalism<\/span>.<\/p><p>Read more <a href=\"https:\/\/movingandmortgagehub.com\/?p=834\">Supreme Court Rejects Trump\u2019s Latest Attempt to Avoid Paying E. Jean Carroll<\/a><\/p>\n<div>\n<div>\n<div>\n<\/div>\n<\/div>\n<\/div>\n<section>\n<div>\n<div>\n<div>\n<button>One-Time<\/button>\n<button>Monthly<\/button>\n<\/div><!--.row-->\n<div>\n<button>$35<\/button>\n<button>$50<\/button>\n<button>$100<\/button>\n<\/div><!--.row-->\n<div>\n<button>Other Amount<\/button>\n<\/div><!--.row-->\n<div>\n<button>Continue<\/button>\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"Available payment methods include Visa, Master Card, Discover, and Paypal.\" class=\"wp-image-90\" height=\"60\" src=\"https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918.png\" width=\"471\" srcset=\"https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918.png 471w, https:\/\/movingandmortgagehub.com\/wp-content\/uploads\/2026\/05\/b47c6c719a6fe58d605cda1de8991918-300x38.png 300w\" sizes=\"auto, (max-width: 471px) 100vw, 471px\" \/><\/figure>\n\n<\/div><!--.row-->\n<\/div>\n<\/div>\n<\/section>\n<\/section>\n<\/footer><!-- .entry-footer -->\n<\/article>","protected":false},"excerpt":{"rendered":"<p>America\u2019s oligarchs guard their hoards jealously\u2014but there may be a way in.<\/p>\n","protected":false},"author":1,"featured_media":841,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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