California Wealth Tax: Celebrity lawyer sends letter to California gov; urges block
California's proposed "Billionaire Tax Act" faces a stern warning from attorney Alex Spiro, representing wealthy residents. He asserts the one-time 5% wealth tax is unconstitutional and will trigger a significant "exodus of capital and innovation." Spiro argues the measure amounts to confiscation and could force destructive asset sales, urging Governor Newsom to prevent it from reaching the ballot.
California's proposed "Billionaire Tax Act" faces a stern warning from attorney Alex Spiro, representing wealthy residents. He asserts the one-time 5% wealth tax is unconstitutional and will trigger a significant "exodus of capital and innovation." Spiro argues the measure amounts to confiscation and could force destructive asset sales, urging Governor Newsom to prevent it from reaching the ballot.
