As her family’s boat moved through the harbor a few years ago, Munger, whose father is a billionaire investor, saw that many of her neighbors’ houses were sitting dark and vacant. She knew why: The owners now controlled enough money to holiday at one of their several other luxury homes. It didn’t sit right, she said.
When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time for the U.S. to consider taxing wealth.
View the complete October 27 article from the Associated Press on the National Memo website here.