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Professor David Gamage was quoted extensively in a new Washington Post article discussing the California “billionaire tax” measure he co-authored. The measure is on the November ballot in California and would levy a one-time 5% tax on the assets of California residents worth more than $1 billion.
[Most billionaires] “have earned their billions in a way that is laudable. But we also need tax revenue to fund health care, education and the general operating of society. … A balancing act needs to be made.”