Top Democrats are fighting a billionaire tax in California. Their voters are on the other side |
Summary
California Proposition 40 would impose a one-time 5% tax on billionaire wealth. The article says Gov. Gavin Newsom and other prominent Democrats oppose or have not publicly backed it, despite polling that showed strong support among California Democrats and an endorsement from the state Democratic Party’s executive board.Key Facts
- A poll conducted midway through the summer found California Democrats supported Proposition 40 by more than four to one, according to the article.
- Proposition 40 would impose a one-time 5% tax on billionaire wealth.
- The article says nine-tenths of the proposed tax revenue would fund health care for Californians in need.
- Gov. Gavin Newsom has opposed the measure, and Los Angeles Mayor Karen Bass and Xavier Becerra are also described as opposing it.
- U.S. Senators Alex Padilla and Adam Schiff, former Vice President Kamala Harris and former House Speaker Nancy Pelosi have not publicly stated a position, the article says.
- The California Democratic Party executive board endorsed Proposition 40 in early August.
- Supporters have been outspent nearly ten to one by opponents, who have raised more than $340 million, according to the article.
- The article cites a projected loss of about $100 billion in federal Medicaid funding for California over five years.
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