Top Democrats Battle over California’s Proposed Billionaire Tax
The measure would tax about 200 billionaires and raise money for Medi-Cal cuts as both sides spend millions on the fight.
- On Saturday, Vermont Senator Bernie Sanders and Rep. Ro Khanna rallied supporters in San Francisco for Proposition 40, a measure proposing a one-time 5% tax on California's roughly 250 billionaires to fund healthcare.
- While 'Yes on 40' raised roughly $32.4 million, the opposition group Building a Better California secured over $252 million from donors, including $102 million from Google co-founder Sergey Brin.
- Governor Gavin Newsom opposes the measure, calling it "poorly written," while former U.S. representative Katie Porter argues it is the "wrong way to go about" taxing the ultra-wealthy.
- Starting Monday, voters can cast ballots as Khanna predicted the fight over taxing the ultra-wealthy will "explode in 2028," signaling the issue's national trajectory.
- The Legislative Analyst's Office warns the tax could generate short-term revenue but decrease future income tax collections, while competing propositions 41 and 42 would nullify the measure if passed.
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Connect FM | Local News Radio | Dubois, PATop Democrats battle over California’s proposed billionaire tax
Sen. Bernie Sanders and Rep. Ro Khanna are heading to California to rally Saturday in support of an initiative that would place a one-time, 5% tax on the wealth of billionaires in the state. Their efforts to barnstorm the state come as early voting begins, [...]
(Los Angeles = Yonhap News) Correspondent Kim Kyung-yoon = Regarding the introduction of California's 'billionaire wealth tax' (hereinafter 'billionaire tax'), discussions among key figures within the Democratic Party...
Top Democrats battle over California’s proposed billionaire tax - Regional Media News
Sen. Bernie Sanders and Rep. Ro Khanna are heading to California to rally Saturday in support of an initiative that would place a one-time, 5% tax on the wealth of billionaires in the state. Their efforts to barnstorm the state come as early voting begins, [...]
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