Millionaire Supports California Wealth Tax Proposal

Scott Ellis, a 55-year-old Silicon Valley millionaire and member of Patriotic Millionaires, says he supports California's proposed 5% billionaire wealth tax and urges federal wealth-tax reforms in an as-told-to essay. He endorses a $30 million wealth threshold and proposes a 50% annual levy above that level, arguing excessive wealth concentrates political power and undermines democracy.