Newsom battles with California Dems over billionaire tax proposal
Gov. Gavin Newsom (D-CA) is sparring with other Democrats over California’s proposed billionaire tax, publicly endorsing a ballot measure that would cancel out the proposed tax on the state’s wealthiest residents.
TL;DR
- California Governor Gavin Newsom is in conflict with other Democrats over a proposed billionaire tax.
- Newsom endorses a ballot measure that would nullify the proposed tax on the wealthiest residents.
- Proposition 40, a ballot measure, asks voters whether to implement a one-time 5% net-worth tax on billionaires.
- The proposal has support from Rep. Ro Khanna and Sen. Bernie Sanders.
- Critics fear that the tax could cause industry leaders to leave California.