The Billionaire Tax Isn’t About Billionaires California’s proposed “Billionaire Tax Act” is being sold as a moral correction—a way to make the ultra-wealthy “pay their fair share.” But when you examine the mechanics, the rhetoric quickly gives way to something more troubling: a structural shift in how governments view private wealth itself. The proposal reportedly includes aggressive valuation methods, constitutional gray areas, and even retroactive elements applied to former residents. That’s not routine tax policy. That’s fiscal overreach. As a former currency trader, I’ve seen this pattern before. When governments lose control of spending, they don’t cut back—they expand the definition of what can be taxed. And they begin with the politically convenient target. Incentives Matter — Especially at the…
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