By Ian Firstenberg : phoenixproject – excerpt
Despite their attempts to remain in the shadows, the state’s roughly 200 billionaires have outed themselves. Greater visibility has meant their narrow — and self-interested — agenda has come increasingly under fire.
San Francisco billionaires like Michael Mortiz and Chris Larsen have a storied history of opposing increased taxes on corporations and the wealthy, using their fortunes to elect allies who will protect them from any incursion into their wealth.
Recently a labor-backed measure, the Billionaire Tax Act earned a place on November’s statewide ballot. The modest, one-time tax that, if passed, will fund essential services like public hospitals, has mobilized California’s elite who tried — and failed — to keep it off the ballot. Despite successes in smaller statewide races, and a few wins in recent San Francisco elections, the very fact that the Billionaire Tax earned a place on the ballot may be a sign that their winning streak is coming to an end.
The measure is popular. It should also be kept in mind that the tax on billionaires will not meaningfully affect their lives or reduce the obscene generational wealth. Nonetheless, billionaires are willing to spend millions to defeat it. This won’t endear them to the state’s voters. A coalition led by Google cofounder Sergey Brin has reserved $87 million of ad space for spots to combat the measure. That number will likely increase as the election approaches… (more)
When billionaires have such an appetite for spending ungodly amounts of money to buy elections one must consider why? The end goal cannot be more money since paying the taxes might be less painful than fighting them. What is worth more than the money? Buying a seat at the table where power lies.