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WSJ: How the Proposed California Billionaire Tax Became a ‘Hot Mess’ for Democrats
Supporters say the measure could raise tens of billions for healthcare, while opponents warn it may drive wealthy residents out of the state.
- 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.
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146 Articles
146 Articles
Billionaires compensate us many times over. Wealth taxes endanger that
No matter what happens in Tuesday’s elections, support for wealth taxes keeps growing. Its justification is based on the idea that the very rich owe all of us something, and taxing their fortunes is collecting on that debt. We’re told their success fuels inequality and that it’s selfish of them to keep so much, especially […]
·Wellington, New Zealand
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thedailyeconomy.org
thedailyeconomy.orgCalifornia's Billionaire Tax May Cost More Than It Raises, Reports Find
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
·Sofia, Bulgaria
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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."
·Portland, United States
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Total News Sources146
Leaning Left30Leaning Right20Center27Last UpdatedBias Distribution39% Left
Bias Distribution
- 39% of the sources lean Left
39% Left
L 39%
C 35%
R 26%
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