Proposed 'billionaire tax' in California spurs controversy and heavy spending
Summary
California is considering a one-time 5% tax on billionaires’ wealth to raise about $100 billion over five years, mainly to support healthcare funding. The proposal faces strong opposition from Governor Gavin Newsom and other political groups, with competing ballot measures also appearing on the November ballot.Key Facts
- The proposed "billionaire tax" would charge a one-time 5% tax on the wealth of billionaires in California.
- About 90% of the money raised would be spent on healthcare, which has lost significant federal funding.
- The healthcare workers union SEIU-UHW collected enough signatures to put the tax on the November ballot.
- Governor Gavin Newsom and most Democratic candidates for California governor oppose the tax.
- Billionaire Tom Steyer supports the tax but says it does not go far enough.
- A group called Stop the Squeeze, led by a Newsom adviser, argues the tax could harm California’s economy.
- Opponents have launched two competing ballot measures to block this tax from passing.
- The largest funding against the tax comes from Building a Better California, backed mainly by Sergey Brin, co-founder of Google.
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