Trump’s Billionaire Tax Cut Is Hurting the U.S. Economy

The Wall Street Journal, long supportive of tax cuts, is now warning that President Donald Trump’s billionaire tax cuts are hurting the U.S. economy, Sarah K. Burris reported for AlterNet.

The rest of the US population ends up picking up the tab when billionaires avoid paying taxes.

As recently as Dec. 31, the Journal praised states where residents pay less in taxes. But in a more recent column, Carol Ryan wrote that when billionaires avoid paying taxes, “look at who picks up the tab.”

“Wealth concentration is affecting the wider economy, and it shows why the issue isn’t going away,” she wrote.

California, which has the highest concentration of billionaires in the U.S. — 255 individuals, or just over one-fifth of the nation’s total, according to wealth intelligence firm Altrata — is considering a wealth tax proposal.

A November ballot measure would impose a one-time levy on California residents worth more than $1 billion, calculated based on whichever is higher: a billionaire’s voting interest or economic interest in a company.

Supporters argue the measure could help address a Medicaid shortfall following significant GOP cuts to the program under the “One Big Beautiful Bill” passed last year.

The Tax Foundation has warned that the proposal could hurt tech leaders and, potentially, the broader economy.