Top Democrats battle over California's proposed billionaire tax
Summary
Senator Bernie Sanders and Representative Ro Khanna support a new California tax that would charge billionaires 5% of their wealth one time. Governor Gavin Newsom opposes it, saying billionaires might leave the state, and he suggests a national tax instead. The tax money would help cover federal cuts to Medi-Cal, California's Medicaid program.Key Facts
- The proposed tax is a one-time 5% tax on billionaires’ wealth in California.
- About 200 billionaires in California would be affected by this tax.
- The money raised would fund Medi-Cal, the state’s health program for low-income people, due to federal funding cuts.
- Governor Gavin Newsom opposes this state tax and favors a national billionaire tax.
- Bernie Sanders and Ro Khanna are campaigning in California to support the tax as early voting starts.
- Some billionaires and tech investors, like Sergey Brin and John Doerr, have spent more than $250 million to fight the tax.
- Nvidia CEO Jensen Huang supports the tax and says he accepts taxes in Silicon Valley.
- Newsom and Khanna have publicly disagreed about the tax and may debate it in town halls.
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