The proposed Palo Alto wealth tax has many defects
Overview In Palo Alto, a man named Kevin Creaven recently published a notice of intent to begin gathering signatures to qualify a local ballot measure titled “The Wealth Tax Initiative.” The proposed measure would “levy a 2% wealth tax on net worth above $50 million, and a 3% wealth tax on net worth above $1 billion dollars; the revenue will be used to provide every permanent resident of [Palo Alto] a one-time payment of $2,500.” This article details the legal issues a court would likely address when reviewing this ballot proposal. We conclude that the measure is vulnerable to multiple...