California Democratic Party backs billionaire tax despite internal opposition
The measure would impose a 5% one-time tax on billionaires’ assets and raise an estimated $100 billion for healthcare, supporters said.
- On Sunday, the California Democratic Party executive board endorsed Proposition 40, a one-time 5% tax on billionaire assets designed to fund healthcare and restore safety-net programs.
- The measure aims to raise an estimated $100 billion to replace healthcare funding slashed by President Donald Trump's budget bill last year, which eliminated coverage for over a million Californians.
- Dave Regan, President of SEIU-United Healthcare Workers West, cited internal polling showing more than 80% of registered Democrats support the tax, while Public Policy Institute of California data indicates 54% of likely voters favor it.
- Opposing the measure, Gov. Gavin Newsom and Xavier Becerra warn of potential budget instability, while wealthy opponents have funded competing initiatives, Propositions 41 and 42, to undermine the tax.
- Democrats also voted to oppose a voter ID measure and a proposal to weaken the California Environmental Quality Act, while endorsing an $11.25-billion affordable housing bond and an $8.4-billion immunology research bond.
32 Articles
32 Articles
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Steve Hilton warns California economy will 'absolutely collapse' under 'insane' billionaire tax
California Republican gubernatorial candidate Steve Hilton is warning that a proposed billionaire tax would further strain the state's economy, arguing that California is already losing businesses, investment and tax revenue as residents grapple with high costs.California gubernatorial candidate Steve Hilton joined FOX Business' Maria Bartiromo on "Mornings with Maria" to discuss the proposal, which opponents say could drive more wealthy residen…
POLITICS: California Dems go full socialist, backing billionaire tax
The California Democratic Party has endorsed Proposition 40, the proposed billionaire wealth tax. The most interesting part of that decision, however, was not who supported it — but who opposed it. Gov. Gavin Newsom declined to endorse the measure. Former US Health and Human Services Secretary Xavier Becerra opposed it. Major Democratic-aligned public sector unions, including the California Teachers Association and California Professional Firefi…
California Democrats endorse a self-destructive 'billionaire tax'
The California Democratic Party is continuing its economic destruction of the state, driving taxpayers out while ramping up spending year after year. The California Democratic Party officially endorsed the union-promoted billionaire tax that voters will see on the ballot later this year. This supposed “one-time” tax will take 5% off of each and every billionaire in the state. It is endorsed by a who’s-who of socialist Democrats across the countr…
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