Newsom proposes national 'billionaires' tax' after opposing state's initiative
Summary
California Governor Gavin Newsom proposed a national tax on billionaires worth more than $100 million, aiming to create a federal minimum tax instead of the state's one-time 5% wealth tax. Newsom opposes the state measure, arguing billionaires could avoid it by moving out of California, and says the country should close tax loopholes and adjust inheritance rules.Key Facts
- Newsom proposed a national "billionaires' tax" on Americans with over $100 million in wealth.
- He opposes California's one-time 5% wealth tax on billionaires set to appear on the November ballot.
- The state tax was pushed by the healthcare workers union SEIU-UHW in response to funding cuts.
- Newsom wants to restore corporate tax rates to pre-2017 levels and stop offshore tax avoidance.
- He warned about a $124 trillion wealth transfer in the next 20 years potentially creating a permanent inherited wealth class.
- About 250 billionaires would be affected by California's state tax.
- The state measure could lead some billionaires to leave California for other states.
- Billionaires, including Sergey Brin, have spent heavily to oppose the California tax measure.
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