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California could become the first state to tax billionaires’ wealth
Backers say the tax would raise funds to offset $100 billion in federal healthcare cuts over five years, while opponents warn of an exodus.
- California voters decide on Proposition 40 on Tuesday, a ballot measure imposing a one-time 5% tax on individuals with net worth exceeding $1 billion, with revenue dedicated to replacing federal healthcare funding cuts.
- Vermont Senator Bernie Sanders frames the tax as a step toward reining in wealth inequality, while Democratic Governor Gavin Newsom warns it would prompt the state's wealthiest to move and take their tax revenue with them.
- The opposition campaign raised more than $333 million, roughly 10 times the amount raised by supporters, thanks to tech moguls and venture capitalists pouring funds into a political action committee fighting the measure.
- A mid-October Public Policy Institute poll shows 52% of likely voters oppose the tax, though separate nullifying measures on this year's ballot could block it if they receive more 'yes' votes.
- Backers, led by the SEIU United Healthcare Workers West, argue the tax is essential as the union estimates California faces a $100 billion loss in federal healthcare funding over five years.
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Total News Sources4
Leaning Left4Leaning Right0Center0Last UpdatedBias Distribution100% Left
Bias Distribution
- 100% of the sources lean Left
100% Left
L 100%
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