Joe Weisenthal, a Bloomberg journalist and co-host of Odd Lots, posted on X today, November 8, 2026, questioning the efficacy and fairness of current tax approaches. Weisenthal specifically addressed the recent failure of a wealth tax initiative in California, asking, “Why did the wealth tax get crushed in CA? Was it because it was badly written? Was there any version of it that could have passed?” He then offered his own perspective on the broader issue, stating, “I’m not sure a state/level approach makes sense, given domestic capital mobility. But this thing where we only tax W2 earners isn’t a great trend.”
Discussions around taxation and economic policy are frequent, particularly as governments grapple with deficits and revenue generation. Recent Gokhshtein Media coverage noted Mark Cuban's specific proposals to address the deficit and boost revenue, and Peter Schiff's view that Americans paid Trump's tariffs, which contributed to a political shift. The strong jobs report also recently locked in an 88% probability for a December rate hike, indicating ongoing economic activity and potential for policy adjustments.
Weisenthal's commentary suggests a need for reevaluation of tax strategies, particularly regarding how wealth is taxed versus income. His view implies that state-level wealth taxes may face inherent challenges due to capital's ability to move between jurisdictions. The statement also points to a concern that the current system disproportionately burdens wage earners, potentially leading to broader economic imbalances if left unaddressed.
