Chapter
California proposes wealth tax for billionaires and funding for infrastructure plan
48:33 - 53:00 (04:27)
California proposed a wealth tax through a 1% surcharge for individuals with over 50 million, and an increase in the corporate tax from 21% to 28% to fund the first bill of a proposed infrastructure plan. The second bill, known as the Families Act, would be funded through personal income taxes increase which may prove to be controversial.
Clips
The speaker questions whether Biden's tax plan, which imposes a tax increase for those making over $400,000 and increases the corporate tax from 21 to 28%, will raise enough money to pay for everything he wants to fund, and worries that the money may be misused or allocated to satisfy lobbyists rather than being spent wisely.
48:33 - 51:14 (02:40)
Summary
The speaker questions whether Biden's tax plan, which imposes a tax increase for those making over $400,000 and increases the corporate tax from 21 to 28%, will raise enough money to pay for everything he wants to fund, and worries that the money may be misused or allocated to satisfy lobbyists rather than being spent wisely.
ChapterCalifornia proposes wealth tax for billionaires and funding for infrastructure plan
EpisodeE28: Current state of public & private markets, Archegos debacle, US debt issues, wealth tax & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
This podcast episode discusses the uncertainties around the potential changes to capital gains tax and the wealth tax proposal in California, including a 1% surcharge for amounts over $50 million.
51:14 - 53:00 (01:46)
Summary
This podcast episode discusses the uncertainties around the potential changes to capital gains tax and the wealth tax proposal in California, including a 1% surcharge for amounts over $50 million. The implementation of a differentiated capital gains tax may complicate the concept of being a capital allocator.