California’s proposed billionaire tax: what you need to know
Plan to levy 5% tax on California billionaires championed by progressives – but state’s super rich are forcefully opposed
The proposed billionaire tax in California is officially heading to voters’ ballots in November. After getting more than double the necessary signatures to qualify, the secretary of state certified the ballot measure late on Thursday.
The confirmation came after backroom dealing didn’t pan out between California’s governor, Gavin Newsom, who opposes the proposal, and the labor union backing it.
Continue reading...- • California voters will decide on a one-time 5% tax on residents with a net worth exceeding $1 billion in November 2026.
- • The measure aims to generate $100 billion to fund state-run healthcare, education, and food assistance programs.
- • Opp
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