Taxing the Ultrarich

The New York Times • January 19, 2026 • general

Key Points:

California is considering a one-time 5 percent tax on its wealthiest residents, prompting some billionaires like Google founders Sergey Brin and Larry Page to move assets out of the state, while others actively oppose the measure.
Governor Gavin Newsom opposes the wealth tax, arguing it would hinder innovation, reflecting a broader debate on whether the ultra-rich should pay more taxes amid rising wealth inequality.
The number of billionaires worldwide has surged from 140 in 1987 to over 3,000 today, with figures like Elon Musk holding wealth comparable to the entire billionaire class of the past, yet they often pay lower effective tax rates than average taxpayers.
Wealth taxes focus on assets rather than income, addressing the issue that