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To End ‘New Gilded Age,’ House Progressives Unveil Bill to Raise Federal Minimum Wage to $25 Per Hour
(www.commondreams.org)
this post was submitted on 28 Apr 2026
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politics
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Great now do a wealth tax next please.
Wealth tax is kinda stupid because that just makes hiding all of your assets in a tax haven the default for rich people. Right now at least I believe most American billionaires are paying SOME tax in the US, because most nominally own some stuff in the US.
Actually closing the loopholes one can use to skirt existing taxes is actually more beneficial. And using your stock holdings as collateral for a loan should trigger a tax event, consider it realized gains. Also start taxing stock options when they've vested, not when the stock is sold (which might be never). When sold, the increase in value is also realized gains and should still be taxed too.
Yeah I hadn't researched anyting but just think that the wealthy need to pay more in taxes there's got to be a way to do that. What you describe seems like a viable path forward.
How'd those loopholes get opened to begin with?
Newsom is gearing up to veto California's newest attempt
wealth tax is the only (nonviolent) means available to redistribute the mountain of wealth which has been extracted from the working class. if we can't begin to claw back some economic ownership, inequality will grow forever until something breaks.
recommended anyone even remotely interested in wealth tax to check out Gary Stevenson on youtube.