California Billionaire Tax Hits Ballot

CACalifornia Billionaire Tax Hits Ballot

Is this a bold step toward funding public services or a wealth-killing scheme that will drive top earners out?

Published 1 day ago

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Above: Signage in support of the Billionaire Tax Now coalition during a news conference in Los Angeles, California, on April 27. Image credit: Caroline Brehman/Bloomberg/Getty Images

The Spin

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.

CalMatters

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 fearmongering and downplaying wealth inequality. The SEIU-UHW collected over 1.5 million signatures — Californians clearly want this.

Common Dreams