Top Democrats Battle over California’s Proposed Billionaire Tax
The measure would tax about 200 billionaires and raise money for Medi-Cal cuts as both sides spend millions on the fight.
- Vermont Senator Bernie Sanders and Rep. Ro Khanna rallied supporters in San Francisco on Saturday for Proposition 40, a one-time 5% tax on California's roughly 250 billionaires to fund healthcare.
- While Yes on 40 raised roughly $32.4 million, opposition group Building a Better California secured over $252 million, mostly from billionaires including Google co-founder Sergey Brin, who gave $102 million.
- Governor Gavin Newsom opposes the measure as 'poorly written,' joining former U.S. representative Katie Porter, who argues it is the 'wrong way' to tax the ultra-wealthy despite supporting wealth taxation.
- Starting Monday, voters can cast ballots as Khanna predicted the fight over taxing the ultra-wealthy will 'explode in 2028,' positioning the initiative as a focal point for national wealth-tax debates.
- The Legislative Analyst's Office warns the tax could generate short-term revenue but decrease future income tax collections, while competing propositions 41 and 42 would nullify the measure if passed.
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Connect FM | Local News Radio | Dubois, PATop Democrats battle over California’s proposed billionaire tax
Sen. Bernie Sanders and Rep. Ro Khanna are heading to California to rally Saturday in support of an initiative that would place a one-time, 5% tax on the wealth of billionaires in the state. Their efforts to barnstorm the state come as early voting begins, [...]
(Los Angeles = Yonhap News) Correspondent Kim Kyung-yoon = Regarding the introduction of California's 'billionaire wealth tax' (hereinafter 'billionaire tax'), discussions among key figures within the Democratic Party...
Top Democrats battle over California’s proposed billionaire tax - Regional Media News
Sen. Bernie Sanders and Rep. Ro Khanna are heading to California to rally Saturday in support of an initiative that would place a one-time, 5% tax on the wealth of billionaires in the state. Their efforts to barnstorm the state come as early voting begins, [...]
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