The measure would ease inequality and bolster healthcare – without draining our coffers or triggering a billionaire exodus On Tuesday, California voters will decide whether to enact Proposition 40 , a one-time, 5% tax on the net worth of about 250 California billionaires .
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In recent months, a number of California billionaires and their apologists in the media and in government have come out swinging against the ballot measure. I’m not a billionaire, but I’m a Californian wealthy enough to know that they have no valid reason to fight the proposition.
For multimillionaires like me, paying a 5% tax would not change our lives materially, and if we can afford this as people well below the billionaire line, certainly those at the very top can too. George Zimmer, a member of Patriotic Millionaires, is the chairperson, CEO and founder of Generation Tux, an online rental platform for tuxedos and suits.
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He is also the founder, former CEO and chair of the Men’s Wearhouse Continue reading...
