Dave Regan Expands 5% Billionaire Tax Campaign Nationally as California's Proposition 40 Targets 200 Ultra-Rich
Updated
Updated · Yahoo! Voices · Aug 12
Dave Regan Expands 5% Billionaire Tax Campaign Nationally as California's Proposition 40 Targets 200 Ultra-Rich
3 articles · Updated · Yahoo! Voices · Aug 12
Summary
Dave Regan said his push for California’s one-time 5% billionaire tax has become a national campaign, arguing wealth is being “hoarded outside of the tax system.”
Proposition 40 would hit about 200 California billionaires and steer billions of dollars to state health care programs; Regan said he expects it to pass in November.
More than $100 million from Google co-founder Sergey Brin has gone to opposing the measure, including a recent $20 million donation; Regan said warnings that billionaires will flee California are overstated.
Gavin Newsom still opposes the state tax and favors a national approach instead, even as the California Democratic Party and the state labor federation have backed the ballot measure.
The November vote now stands as both a high-cost California tax fight and a potential template for similar wealth-tax campaigns in other states.