"California Billionaires' Tax Proposal Set to Hit the Ballot: A Fight for the Ages A contentious proposal to slap a one-time 5% tax on California's billionaires is poised to become a major issue in the state's November elections, after backers of the measure announced they have collected enough signatures to put it on the ballot. The proposed tax, which would raise an estimated $10 billion for state programs, has sparked a heated battle between supporters and opponents, with Silicon Valley tech moguls and even Governor Gavin Newsom throwing their weight behind the opposition. The Service Employees International Union-United Healthcare Workers West labor union, which sponsored the campaign, claims to have gathered over 1.5 million signatures, more than enough to qualify the measure for the ballot. As the debate intensifies, it remains to be seen whether the tax will become a reality, and what its impact will be on the state's wealthiest residents and its struggling public programs."
Proposal for a one-time 5% tax on billionaires in the state is opposed by Silicon Valley tech titans and Gavin NewsomThe backers of a proposal to levy a one-time tax on California billionaires say they’ve gathered enough signatures to place the measure on the ballot in November. The initiative has become one of the most politically contentious issues in the state over the past year, spurring tech moguls to spend tens of millions of dollars to oppose it.The campaign, which is sponsored by the Service Employees International Union-United Healthcare Workers West labor union, has collected more than 1.5m signatures, according to a statement from the organization. The measure required 870,000 signatures to qualify for the ballot. Continue reading...
