Newsom backs California ballot measure that cancels out billionaire tax proposal
Summary
California Governor Gavin Newsom has supported Proposition 42. This measure would cancel Proposition 40, which proposes a one-time tax on billionaires in California.Key Facts
- Governor Gavin Newsom is a Democrat.
- Proposition 40 is called the Billionaire Tax Act.
- Proposition 40 would impose a one-time tax on billionaires in California.
- Proposition 42 would stop retroactive taxes created by Proposition 40.
- Newsom officially endorsed Proposition 42 on a Friday.
- If voters approve Proposition 42, the tax from Proposition 40 would be canceled.
- The issue will be decided by California voters during an election.
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