Advocates and opponents sound off about billionaire tax
Supporters say it would raise about $100 billion over five years for health care, while opponents warn wealthy residents could leave the state.
- Vermont Senator Bernie Sanders and Rep. Ro Khanna rallied supporters in San Francisco on Saturday for Proposition 40, a one-time 5% tax on California's roughly 250 billionaires to fund healthcare.
- While Yes on 40 raised roughly $32.4 million, opposition group Building a Better California secured over $252 million, with Google co-founder Sergey Brin contributing $102 million.
- Governor Gavin Newsom opposes the measure as 'poorly written,' joining former U.S. representative Katie Porter, who argues it is the 'wrong way' to tax the ultra-wealthy.
- Starting Monday, voters can cast ballots as the initiative becomes a focal point for national wealth taxation debates, with Khanna predicting the fight will 'explode in 2028.'
- The Legislative Analyst's Office warns the tax could generate short-term revenue but may decrease future income tax collections, while competing propositions 41 and 42 would nullify the measure if passed.
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79 Articles
The initiative would apply to some 260 ultra-rich people in the state, who together have more than $2.4 trillion
Katie Porter Slams California Billionaire Tax Measure, Prop 40, on Podcast
Internewscast Internewscast Former California gubernatorial candidate Katie Porter once said she planned to step… This Post: Katie Porter Slams California Billionaire Tax Measure, Prop 40, on Podcast first appeared on Internewscast
Katie Porter rips apart California billionaire tax and reveals where the cash will actually go
Former gubernatorial candidate Katie Porter recently made a podcast appearance and wrote an op-ed blasting Prop 40, a one-time tax on the wealth of California billionaires.
Google Co-Founder Sergey Brin Drops $102 Million to Stop Democrats’ Insane ‘Billionaire Tax’ in California — Could Face $13 Billion Bill Under Radical Socialist Plan * The Gateway Pundit * by Jim Hᴏft
Google co-founder Sergey Brin has now poured $102 million into the fight against California’s proposed billionaire tax, a one-time 5% hit that could cost him r…
Los Angeles (USA), 5 Oct (EFE).- Senator Bernie Sanders defended on Monday in Los Angeles Proposition 40, which raises a single 5% tax on California billionaires' estate, and said that what is at stake in the November 3 elections is "the most important issue" [...] The Bernie Sanders entry asks to vote for a tax on California billionaires was first published in HolaNews.
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