California Puts 5% Billionaire Wealth Tax to November Vote for $100 Billion
Updated
Updated · The Conversation · Aug 17
California Puts 5% Billionaire Wealth Tax to November Vote for $100 Billion
3 articles · Updated · The Conversation · Aug 17
Summary
A November ballot measure would impose a one-off 5% tax on California billionaires’ wealth, with backers saying it could raise about $100 billion for healthcare, food aid and public education.
Sergey Brin has already spent $100 million opposing the proposal, seeking to avoid an estimated $13 billion tax bill, while his campaign has also backed rival ballot measures that could nullify the tax.
Governor Gavin Newsom and other critics argue the levy would push billionaires — and their tax base — out of California, even as supporters say the money is needed to offset Medicaid-related funding gaps.
More than 1.6 million Californians signed to qualify the measure, and current polling shows majority support, making the vote a test of how far voters will go to target extreme wealth.