California's billionaire tax proposal heads to voters
California voters will decide whether the state’s billionaires should face a 5% net-worth tax in November after Gov. Gavin Newsom’s (D-CA) opposition to the idea failed to stop it from getting on the ballot.
TL;DR
- California voters will decide on a 5% net-worth tax for billionaires in November.
- The ballot measure was put forward by the Service Employees International Union, United Healthcare Workers West.
- Revenue from the tax is intended for healthcare (90%) and public education/food assistance (10%).
- Governor Gavin Newsom opposes the state-level tax but supports a national billionaire's tax.
- Critics argue the tax could prompt billionaires and industries to leave California.
- Prominent billionaires in California include Mark Zuckerberg, Larry Ellison, and Jensen Huang.