California’s billionaire tax heads to November ballot despite Newsom’s opposition
California Governor Gavin Newsom was unable to negotiate a deal to prevent the state’s controversial billionaire tax from appearing on the November ballot. The measure, known as the Billionaire Tax Act, proposes a one-time 5% tax on the net worth of California residents with $1 billion or more in assets. The initiative, backed by the labor union SEIU-UHW, would affect approximately 200 individuals and is projected to raise $100 billion over five years.
- ▪California Governor Gavin Newsom was unable to negotiate a deal to prevent the state’s controversial billionaire tax from appearing on the November ballot.
- ▪The measure, known as the Billionaire Tax Act, proposes a one-time 5% tax on the net worth of California residents with $1 billion or more in assets.
- ▪The initiative, backed by the labor union SEIU-UHW, would affect approximately 200 individuals and is projected to raise $100 billion over five years.
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California Governor Gavin Newsom was unable to negotiate a deal to prevent the state’s controversial billionaire tax from appearing on the November ballot. The measure, known as the Billionaire Tax Act, proposes a one-time 5% tax on the net worth of California residents with $1 billion or more in assets. The initiative, backed by the labor union SEIU-UHW, would affect approximately 200 individuals and is projected to raise $100 billion over five years. Despite Newsom’s opposition, the measure will now go to voters, setting the stage for a potentially significant ballot fight.
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