Momentum Grows For Billionaire Wealth Tax in California
Summary
California voters will decide on Proposition 40, a ballot measure to impose a one-time 5 percent tax on billionaires with assets over $1 billion. The money raised, estimated at $100 billion over five years, would fund healthcare and public programs, though the proposal faces opposition from Governor Gavin Newsom and some groups.Key Facts
- Proposition 40 would tax Californians with more than $1 billion in assets at 5 percent one time.
- Supporters estimate the tax could raise about $100 billion over five years.
- The tax revenue is mainly intended to support healthcare and other public programs.
- The California Nurses Association, representing over 100,000 healthcare workers, supports the measure.
- Governor Newsom opposes the tax, saying it could make billionaires leave the state and criticizes its narrow funding focus.
- Around 200 billionaires in California would be affected by the tax.
- Over 1.6 million signatures were collected to place Proposition 40 on the ballot.
- California voters will decide on the measure in the November 3 statewide general election.
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