{"id":64563,"date":"2026-07-05T19:18:43","date_gmt":"2026-07-05T23:18:43","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=64563"},"modified":"2026-07-05T19:18:43","modified_gmt":"2026-07-05T23:18:43","slug":"this-is-how-the-story-always-goes","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=64563","title":{"rendered":"This Is How The Story Always Goes"},"content":{"rendered":"

On Friday, Zero Hedge<\/a> posted an article about a recent statement by Representative Ro Khanna (D-CA).<\/p>\n

The article reports:<\/p>\n

Rep. Ro Khanna (D-CA) – fresh off endorsing California’s November ballot measure to seize 5% of billionaire wealth – published a Substack essay Wednesday titled, no really, “Why I Support a Billionaire Wealth Tax<\/a>.”<\/strong><\/p>\n

He makes it roughly a dozen paragraphs before explaining that it isn’t one.<\/span><\/strong><\/p>\n

“The tax should not stop at billionaires, it must reach centimillionaires,”<\/span> Khanna writes, before spelling out exactly what that means: every fortune of $50 million and up, hit with a 2% federal levy on wealth above that line – every year, forever, on top of everything else you already pay. The vehicle is Elizabeth Warren’s Ultra-Millionaire Tax Act, which Khanna notes he has cosponsored every single year it’s been introduced.<\/strong><\/p>\n

And before anyone reaches for the estate planner: Khanna wants the levy to pierce irrevocable trusts<\/span>, with the tax billed to the grantor who set them up – because parking a fortune in a trust, in his telling, shouldn’t take it off the government’s books.<\/strong><\/p>\n

Former Microsoft executive Steven Sinofsky summed up the reveal in eight words: “Just like that, no longer a billionaires tax.”<\/span><\/strong><\/p>\n

The article provides some insight into the recent history of wealth taxes:<\/p>\n

The measure headed to California voters in November is a one-time 5% tax on the state’s roughly 250 billionaires.<\/span> Newsom, opposing it, countered on June 26 with a national<\/em> “billionaires’ tax” – which, in its original form, applied to anyone worth $100 million or more, language that was quietly scrubbed after multiple outlets quoted it as we reported<\/a>. Six days later, Khanna planted the flag at $50 million.<\/span><\/strong><\/p>\n

None of this is exactly new, of course. The Warren bill has carried the $50 million line since she rolled it out in 2019, and Biden’s 2022 “Billionaire Minimum Income Tax” kicked in at $100 million households. The branding always says billionaire<\/em>, but the fine print ios a slippery slope.<\/span><\/strong><\/p>\n

Then there’s inflation… The bill’s $50 million threshold is a flat statutory number<\/a> that hasn’t moved since 2019 – meaning inflation has already quietly cut the real threshold by more than a fifth.<\/span> The creep shows up in the sponsors’ own math: when the bill debuted, backers said it touched the top 0.05% of American households; the 2026 reintroduction, per the same Saez-Zucman analysis the sponsors tout, now reaches 260,000 households – the top 0.15%. Same words, triple the coverage, five years.<\/a> Asset inflation does the broadening automatically. Congress just has to sit still.<\/strong><\/p>\n

When the Income Tax began in 1913, it was only supposed to apply to the top 1 or 2 percent of the wealthiest Americans. We see how that worked out.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday, Zero Hedge posted an article about a recent statement by Representative Ro Khanna (D-CA). The article reports: Rep. Ro Khanna (D-CA) – fresh off endorsing California’s November ballot measure to seize 5% of billionaire wealth – published a … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[19753,30,8123,1589,8976],"class_list":["post-64563","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-billionaire-wealth-tax","tag-california","tag-inflation","tag-millionaires-tax","tag-zero-hedge"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/64563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64563"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/64563\/revisions"}],"predecessor-version":[{"id":64564,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/64563\/revisions\/64564"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}