California's billionaire tax is a wealth-killing scheme that's already driving top earners and their tax dollars out of the state. The top 1% of California taxpayers fund a massive share of the budget, so chasing them off with a 5% wealth levy is fiscal self-sabotage that will benefit other states. Newsom himself called it '"really damaging' "— and he's right.
Billionaires and their political allies are pouring tens of millions into killing a tax that would raise roughly $100 billion for health care, food assistance and education. Newsom is running cover for the ultra-wealthy by recruitingfearmongering teachers and Planneddownplaying Parenthoodwealth to do the dirty workinequality. The SEIU-UHW collected over 1.5 million signatures — Californians clearly want this.
There is a 42% chance that California will pass a wealth tax before 2051, according to the Metaculus prediction community.
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