Late Stage Capitalism

3818 readers

223 users here now

A place for for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited.

A zero-tolerance policy for bigotry of any kind. Failure to respect this will result in a ban.

RULES:

1 Understand the left starts at anti-capitalism.

2 No Trolling

3 No capitalist apologia, anti-socialism, anti-communism, or liberalism, liberalism is in direct conflict with the left. Support for capitalism or for the parties or ideologies that uphold it are not welcome or tolerated.

4 No imperialism, conservatism, reactionism or Zionism, lessor evil rhetoric. Dismissing 3rd party votes or 'wasted votes on 3rd party' is lessor evil rhetoric.

5 No bigotry, no racism, sexism, antisemitism, homophobia, transphobia, ableism, or any type of prejudice.

6 Be civil in comments and no accusations of being a bot, 'paid by Putin,' Tankie, etc. This includes instance shaming.

Introduction to Socialism (external links)

Wiki

Marxism-Leninism Study Guide: Basic Course

Marxism-Leninism Study Guide: Advanced Course

Audiobooks Read by Dessalines

founded 2 years ago

MODERATORS

anticolonialist@lemmy.world

K1nsey6@lemmy.world

189

Newsom urges a national ‘billionaires’ tax’ while fighting one in California (apnews.com)

submitted 3 months ago by FlashMobOfOne@lemmy.world to c/latestagecapitalism@lemmy.world

28 comments fedilink hide all child comments

California Gov. Gavin Newsom, a Democrat who is considering a run for president as he approaches the end of his term, called for a national “billionaires’ tax” on Friday even as he fights another proposal targeting the wealthy in his home state.

Newsom also said the U.S. government should own a stake in artificial intelligence companies. His proposals, outlined in a Substack post, aligns him with the Democratic Party’s populist left, and he argued that urgent changes are needed to prevent the elite concentration of wealth and power from undermining democracy.

“It’s time for an economic reset for America,” Newsom wrote.

The governor announced his agenda a day after an influential health care union in California pledged to go forward with a ballot measure that would impose a one-time 5% tax on the assets of billionaires living in the state as of Jan. 1, 2026.

you are viewing a single comment's thread
view the rest of the comments

[–] someguy3@lemmy.world 28 points 3 months ago* (last edited 3 months ago) (4 children)

“Wealth is movable, and it shops for the state with the lowest taxes. The fight belongs at the federal level, where this broken system was created in the first place.”

Newsom said the solution is a new national tax policy, rather than a state-by-state system. He proposed a minimum tax on anyone with a net worth above $100 million. He also wants to make it illegal for the wealthy to borrow against their stock portfolios to fund their luxury lifestyles tax free.

Newsom said there should be new rules for inheritance taxes, warning that “the transfer of wealth among the ultra-wealthy will lock in a permanent American aristocracy of inherited wealth.”

[–] chicken@lemmy.dbzer0.com 5 points 3 months ago* (last edited 3 months ago)

It's questionable whether he's sincere, but this is at least a coherent position, that wealth taxes can only be effectively done where you can impose meaningful costs on avoiding them.

load more comments (3 replies)