Nobel Prize-winning economist Daron Acemoglu took to X on Wednesday to explain why he had signed a letter backing California’s billionaire tax.
The letter, published Saturday and signed by six Nobel laureates, including Acemoglu, supports Proposition 40, which would impose a one-time 5% tax on California billionaires, with the majority of revenues directed to healthcare in the state.
The six signatories — Acemoglu, Abhijit Banerjee, Peter Diamond, Esther Duflo, Paul Krugman, and Joseph Stiglitz — called the vote “the first opportunity for the people to start reining in the power of billionaires.”
In his X post, Acemoglu said he was not…
