The Fight to Tax Billionaires, and Why NDAs Are Everywhere Now

SPEAKER_1 (0:00)

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Will Jarvis (0:34)

From the New York Times, it's The Headlines. I'm Will Jarvis, in for Tracy Mumford. Today's Tuesday, October 20th. Here's what we're covering.

As of today, the midterm elections are just two weeks away. And beyond the races that will determine control of Congress, The Times is looking at some of the major policy issues that voters are weighing. Leading up to election day, we'll be diving into a few key themes that are appearing on ballot measures across the country. To start, we're going to take a look at the push to tax the ultra wealthy.

SPEAKER_3 (1:06)

Could California become the first state in the country to enact a billionaire tax?

Will Jarvis (1:11)

That's on full display in California.

SPEAKER_4 (1:13)

But buried in the 32-page bill, they snuck in a provision that allows them to turn the tax on you.

Will Jarvis (1:22)

There, voters will decide whether to levy a one-time 5% wealth tax on the state's billionaires. There are about 250 of them.

Laurel Rosenhall (1:30)

This is landing at a time when there is a lot of anxiety about economic inequality nationwide and also here in California, where the AI explosion just means that some people are so incredibly well off right now, while the masses of people are just struggling for their day-to-day expenses.

Will Jarvis (1:52)

My colleague Laurel Rosenhall has been covering the fight over this measure. She says supporters of the tax say it would raise around $100 billion, most of which would be used to offset federal cuts to Medicaid. At the same time, opponents argue that it would be a disaster for California's economy, encouraging the biggest earners to leave the state. And still others say they support taxing the rich, but not the way this measure is structured.

Laurel Rosenhall (2:17)

It's uncertain if this will pass. Part of that is because of the debate over the details, but part of that is because billionaires who would have to pay the tax have absolutely bombarded the airwaves with advertising opposing the measure. There's been an enormous amount of money raised to defeat this tax proposal.

Will Jarvis (2:37)

Californians aren't the only ones considering new taxes on the wealthy. In Washington state, voters will decide on whether or not to keep in place a new 10% income tax on millionaires.

SPEAKER_3 (2:48)

And, tax, billionaire, wealth, it's that simple.

Will Jarvis (2:52)

Several Democratic candidates, including Abdul El-Sayed in Michigan, have brought the question into the fight for the House and Senate, pledging to raise taxes on the super-rich if elected. The efforts come as the gap between the rich and the poor has grown at an accelerating rate. In roughly the past decade, the net worth of the wealthiest Americans has more than doubled, and Americans in the top 1% now control more in assets than the GDP of the US and China combined. We'll have more on other key policy issues around the country over the next few weeks.

Meanwhile, in Kansas last night…

Donald Trump (3:29)

I'm thrilled to be back in this incredible state, which, by the way, I don't want to brag, I won all three times.

Will Jarvis (3:36)

President Trump kicked off a campaign blitz through deep red states, hoping to boost enthusiasm among Republican voters in races that increasingly seem to be toss-ups.

Donald Trump (3:46)

I think, Republicans, all you have to do is turn out. If you turn out, we win.

Will Jarvis (3:50)

His itinerary, Kansas, the Carolinas, Iowa, Florida, Georgia, include states and districts Trump won by double digits. Now though, they've become battlegrounds, with Republicans neck and neck with their Democratic opponents.

Vice President JD. Vance is making a similar last-minute push. He kicked off the week in North Carolina and will end it in Nebraska, in a district Trump won by more than 50 points.

Emily Davies (4:14)

It's a defensive strategy, as one Republican strategist said to me today, and it really shows what the White House is doing to try to prevent a blue wave.

Will Jarvis (4:24)

Emily Davies is a Times political correspondent. She says that with the clock counting down, Republican strategy is coming into sharper focus.

The party is hoping to galvanize the MAGA base and get Trump supporters to the polls, instead of trying to persuade swing state voters.