Will California’s billionaire tax proposal make it to ballots?
Summary
California is considering a new tax on billionaires to fund healthcare, food, and education programs. Tech billionaires are spending heavily to stop the tax, and the state’s governor is working to block or reduce the proposal before it goes to voters in November.Key Facts
- California’s billionaire tax would charge a one-time tax on residents worth over $1 billion.
- The original tax rate was 5%, but it was lowered to 2% after negotiations.
- The tax has passed the signature stage but still faces uncertainty about reaching the November ballot.
- Tech leaders like Sergey Brin, Eric Schmidt, Larry Page, and Mark Zuckerberg oppose the tax and fund campaigns against it.
- Some tech billionaires have left or are planning to leave California because of the tax threat.
- Governor Gavin Newsom argues the tax would push billionaires out and reduce state revenue.
- The Service Employees International Union-United Healthcare Workers West supports the tax as a way to fund social services.
- Negotiations are ongoing to possibly withdraw or modify the tax before the June 25 deadline for the ballot.
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