WSJ: How the Proposed California Billionaire Tax Became a ‘Hot Mess’ for Democrats
- On November 3, California voters will decide whether to adopt Proposition 40, a ballot measure imposing a one-time 5% tax on the net worth of roughly 200 billionaires.
- Backers designed the measure to generate up to $100 billion to offset federal healthcare funding cuts, with SEIU United Healthcare Workers West president Dave Regan warning cuts could leave nearly 3 million Californians without insurance.
- Opponents, including Google co-founder Sergey Brin, have raised more than $300 million to defeat the measure while backing Propositions 41 and 42, which could nullify the tax if they receive more votes.
- The campaign has divided Democrats, with Governor Gavin Newsom calling Proposition 40 "a flawed initiative," while Senator Bernie Sanders champions it as the "most important ballot initiative in the country."
- A Hoover Institution study projects California could lose $25 billion due to billionaire flight, though supporters argue the tax could establish a national model for funding essential public services.
128 Articles
128 Articles
Sanders: Billionaires Fighting Prop 40 Would 'Rather Poor Kids With Cancer Die Than Pay a Little More in Taxes'
"Billionaires in California are spending $333 million to wage a war," said Bernie Sanders. "They'd rather poor kids with cancer die than pay a little more in taxes."
Oligarchs Donate $333M+ To Fight CA Wealth Tax
The New York Times reports: Every Tuesday for the last few months, two dozen of the world’s richest people or their advisers hop onto a conference call and plan for war. The war is against a proposed tax, but not just any tax. It is against a “wealth tax” on California billionaires, one that Silicon … The post Oligarchs Donate $333M+ To Fight CA Wealth Tax appeared first on Joe.My.God..
California will vote next Tuesday on a one-time tax on the very wealthy. It is far more elaborate than Mette Frederiksen's wealth tax. Yet polls point to defeat, and a counterproposal could kill the tax even if voters say yes.
California Billionaire Tax Fight Draws Over $100 Million From Sergey Brin, Setting State Ballot Donor Record
Google co-founder Sergey Brin has spent over $100 million to defeat California's Proposition 40 billionaire tax, but rival measures could sink it even if voters say Yes on 3 November.
California's Prop 40 would tax about 200 billionaires to fund healthcare, but critics warn of backfire
Supporters say the Billionaire Tax Act protects healthcare from federal cuts, but opponents — including some healthcare groups — argue the measure could do more harm than good.
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