Comment by runamok

The issue at hand is the incredibly wealthy can pay close to nothing in income tax because they often borrow on their collateral vs. sell their holdings. Hence that 1% that PG equates to 20% tax is quite fair. Look at what Buffet says the percentage he pays is: https://finance.yahoo.com/news/warren-buffett-view-taxes-vs-.... Furthermore afaict the state proposals usually have a floor on how much of your wealth is taxed. I'm personally against the one time wealth tax by California for several reason but it only impacts those with a net worth of >= 1 billion.