Brin Helps Defeat California Wealth Tax as Federal Proposals Target Rich
Google co-founder Sergey Brin campaigned heavily against a proposed wealth tax in California, and his opposition contributed to its defeat. In Washington, Democrats are pushing to tax billionaires after their recent midterm wins. Three federal proposals are drawing attention, including changes to how carried-interest income is taxed and an annual levy on large trusts. A further plan aims at the 'buy, borrow, die' approach that lets wealthy people avoid taxes by borrowing against assets, in order to raise revenue from them.
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