California labor union offers to scale back billionaire tax proposal after pushback
The union said the revised levy could raise revenue for healthcare, food aid and education while easing opposition from Gov. Gavin Newsom and other critics.
- On Thursday, the Service Employees International Union Healthcare Workers West offered to halve their proposed 5% tax on billionaires to 2%, seeking support from Democratic Gov. Gavin Newsom for the scaled-back measure.
- Originally, the measure aimed to generate $100 billion to address federal healthcare cuts, but it faced intense pushback from critics who argued it would drive away the state's top 1% of earners.
- Opposition to the initiative includes the California Medical Association and California School Boards Association, while Google co-founder Sergey Brin has donated $82 million to a committee fighting the tax.
- Secretary of State Shirley Weber confirmed Wednesday that petitioners secured more than the roughly 875,000 signatures required to place the original proposal before voters for November.
- With a June 25 deadline approaching for the Legislature to act, the union hopes lawmakers will adopt the 2% version, as state lawmakers independently passed budget bills this week to raise revenue.
30 Articles
30 Articles
The union behind California's billionaire tax is blinking, but Gavin Newsom wants to inflict total defeat
A labor union behind a controversial tax on California billionaires significantly scaled back its proposal a day after it qualified for the November ballot, but the offer Thursday wasn’t enough to get the governor on board. The proposal from the Service Employees International Union Healthcare Workers West to impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion faces staunch pushback from a wide swath of critics, including…
Billionaire Tax Backers Dare Gavin Newsom to Embrace Scaled-Back Plan
Gov. Gavin Newsom is refusing to back down after organizers behind California's controversial billionaire tax initiative on Thursday publicly challenged him to support a scaled-back version of the proposal.
Union Proposes Compromise on California Billionaire Tax
Wall Street Journal: “The architects of California’s proposed billionaire tax said Thursday that they are open to withdrawing the ballot measure if Gov. Gavin Newsom supports a smaller wealth tax.” “In an open letter to the governor, the Service Employees International Union-United Healthcare Workers West said it would pull its proposed one-time, 5% tax from the November ballot if Newsom champions a 2% tax on billionaires’ net worth instead. The…
Labor union offers to scale back California billionaire tax proposal after pushback
A labor union behind a controversial tax on California billionaires significantly scaled back its proposal a day after it qualified for the November ballot, but the offer Thursday wasn’t enough to get Gov. Gavin Newsom on board.
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