Economists Advise on California's Proposed Wealth Tax Initiative
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
Six Nobel Prize-winning economists, including Abhijit Banerjee and Esther Duflo, advised that the wealth tax model should be extended globally. This advice comes as California considers Proposition 40, which would levy a one-time 5% tax on the wealth of about 200 billionaires.
From elpais.com
Why it matters
The initiative targets ultra-high-net-worth individuals who hold an estimated $2.3 trillion in wealth in California. The proposal could kickstart a movement to tax ultra-high-net-worth individuals at the federal and international levels.
From elpais.com
Who's involved
- Abhijit BanerjeeProvides expert economic counsel regarding the wealth tax initiative relevant to California policy.
- Esther DufloCited for her economic expertise advising on policy initiatives relevant to California.
- CaliforniaThe state where Proposition 40, a wealth tax initiative, would be voted on.
- Jensen HuangNamed as one of the billionaires targeted by the proposed wealth tax.
- Mark ZuckerbergNamed as one of the billionaires targeted by the proposed wealth tax.
- GoogleA company whose founders' wealth is targeted by the wealth tax.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GoogleSpeculative
Google's founders might see their wealth reduced by the tax, potentially affecting investment or funding.
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The entities involved
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Abhijit Banerjee
Indian American economist
Nothing else this week.
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Esther Duflo
French-American economist (born 1972)
Nothing else this week.