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
TL;DR
- The California Billionaire Tax Act, a 5% one-time tax on residents with over $1 billion in wealth, will be on the November ballot.
- The proposal is backed by unions like SEIU-UHW to fund strained food assistance, education, and healthcare programs.
- Governor Gavin Newsom and numerous Silicon Valley billionaires oppose the measure, fearing it will drive wealth out of the state.
- Tech billionaires, including Sergey Brin and Chris Larsen, have contributed tens of millions to oppose the initiative.
- Opponents have introduced their own ballot measures designed to prevent new taxes on assets and savings, and to restrict new state taxes.
- The conflict is expected to lead to unprecedented campaign spending and voter confusion due to multiple related measures on the ballot.