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Stock impact report

Is California's proposed billionaire tax smart policy? History holds lessons [Los Angeles Times (CA)]

SiteOne Landscape Supply, Inc. (SITE) 
Last siteone landscape supply, inc. earnings: 4/29 06:00 am Check Earnings Report
US:NYSE Investor Relations: investors.siteone.com
Critics cite failed European wealth taxes as cautionary tales, while the measure's architects argue they've designed a stronger version that addresses past pitfalls. In the roiling debate over California's proposed billionaire tax , supporters and critics agree that such policies haven't always worked in the past. But the lessons they've drawn from that history are wildly different. The Billionaire Tax Act, which backers are pushing to get on the November ballot, would charge California's 200-plus billionaires a one-time, 5% tax on their net worth in order to backfill billions of dollars in Republican-led cuts to federal healthcare funding for middle-class and low-income residents. Critics of the proposal have argued that past failures of similar wealth taxes in Europe prove they don't work and can cause more harm than good, including by driving the ultra-rich out. Among those critics is San José Mayor Matt Mahan, a tech-friendly Democrat who is contemplating a run for governor Show less Read more
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