Alex Carter @AlexCarterMax

Money. Politics. Power. The world behind the headlines. Independent takes. Follow the money. Joined May 2022

Tweets

3
Followers

4
Following

8
Likes

6

Alex Carter @AlexCarterMax

13 hours ago

Mark Cuban is worth $6.8 billion, per Forbes. He says a billionaire might hold 5% of their wealth in cash, "if you're lucky." On November 3, California votes on Prop 40: a one-time tax of up to 5% on residents worth $1 billion or more. His example: three founders each own 10% of a company "valued at $10 billion." On paper, they are billionaires. "The chances of them having $50 million in cash are zero." The case for the tax: About 90% of the money would go to health care. Rep. Ro Khanna says 72% of billionaire wealth sits in public stock that can be sold. Supporters say the rich borrow against stock instead of selling it. Cuban agrees they do, "if they're able to." The case against: Cuban says most billionaire wealth is stock, often private and impossible to sell. He warns founders and their jobs will leave. Per Fortune, six billionaires left before the residency deadline. Gov. Gavin Newsom, a Democrat, opposes it too. A September PPIC poll had 52% of likely voters for it and 42% against. Should billionaires pay a wealth tax on stock they haven't sold?

Alex Carter @AlexCarterMax

Alex Carter @AlexCarterMax

Alex Carter @AlexCarterMax

Alex Carter @AlexCarterMax

Duskrave @Duskrave

Wealthoran @Wealthoran

justlunacy @justlunacy

Bullmindes @Bullmindes

Duskrave @Duskrave

Wealthoran @Wealthoran

justlunacy @justlunacy

Business Insider @BusinessInsider

Bloomberg @business

Fox News @FoxNews

Bullmindes @Bullmindes

Elon Musk @elonmusk

Trends for United States

You might like