Re: Newsom's other proposed tax

[robert <http://dummy.us.eu.org/robert>]

 > From: Noelle <noelle>
 > Date: Wed, 1 Jul 2026 08:06:45 -0700 (PDT)
 >
 > https://www.electoral-vote.com/evp2026/Items/Jun30-4.html

"have it cut in at, say, an income of $10 million".  Even Alan Simpson
said that that would too high a threshold.  I would set it at $500,000,
but I'd accept $1 million.

"Eliminating the stepped-up basis would prevent millionaires and
billionaires from passing on fortunes to their kids, who didn't earn any
of it. In addition, the estate tax exclusion could be reduced and the
rates drastically increased."  I bet Ray Madoff has talked about this.
Seems pretty sensible.

I still don't understand Newsom's strategy.  I cannot ever imagine a
Biden-like / Harris-like / Pelosi-like Democrat to win a presidental
election in anything like the current climate.