California's Billionaire Tax Has the Signatures to Make the Ballot
4 hours ago
- #wealth tax
- #California politics
- #billionaire taxation
- California's proposed billionaire wealth tax has enough signatures to be on the November ballot.
- The tax, led by healthcare union SEIU-UHW, aims to raise $100 billion to offset federal healthcare cuts.
- It would be a one-time 5% levy on assets of those with a net worth over $1 billion as of January 1, affecting about 200 people.
- Opposition includes Governor Gavin Newsom, gubernatorial candidates, and billionaires funding anti-tax campaigns.
- Nvidia CEO Jensen Huang supports staying in California despite high taxes, while other billionaires like Sergey Brin are funding opposition.
- Similar wealth tax proposals exist in other states and at the federal level, including a bill from Rep. Ro Khanna and Sen. Bernie Sanders.