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A bid to use a wealth tax to address inequality in America's most progressive state has run into organized resistance from Silicon Valley's billionaire class.
The contest is shaping up as a direct test of whether populist anger over wealth concentration can overcome the political power of the people a wealth tax would most affect.
The structural mechanism explains why the opposition is fierce. Income taxes apply to annual flows: wages, dividends, realized capital gains.
A wealth tax reaches accumulated assets, applying pressure at the point where large fortunes actually live rather than at the moment they generate income.
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