WSJ: How the Proposed California Billionaire Tax Became a ‘Hot Mess’ for Democrats
Supporters say the measure would raise about $100 billion for Medi-Cal and other services, while opponents warn wealthy residents may leave California.
- 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.
134 Articles
134 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."
Anduril’s Palmer Luckey to remain in California despite opposing billionaire wealth tax
Palmer Luckey, the billionaire founder of defense technology company Anduril, says he plans to remain in California despite opposing a proposed one-time wealth tax on the state’s richest residents. His decision comes as the measure sparks debate over billionaire relocations, business investment and potential tax revenue. According to TechCrunch, Luckey said during an invitation-only press conference on Monday that he wants to stay in California …
In the world of technology and business, Palmer Luckey stands out as a prominent billionaire. But amid economic and political pressures, Luckey faces new tax challenges in California. Billionaire Palmer Luckey will not leave California due to the wealth tax. Luckey has been a billionaire in California since he was 21 years old, when he sold his first company, virtual reality headset maker Oculus VR, to Facebook for $2 billion in 2014. His curren…
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..
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