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Bernie Sanders and Gavin Newsom become adversaries over push to tax California billionaires
The tax aims to raise $100 billion to fund healthcare after federal cuts, but critics warn it could drive billionaires and investments out of California.
- Bernie Sanders campaigned in Los Angeles supporting a November ballot proposal to impose a one-time 5% tax on California billionaires' assets to offset federal healthcare funding cuts and support state services.
- Governor Gavin Newsom opposes the tax, warning it could cause wealthy residents to leave California, destabilize state finances, and harm the state's competitiveness.
- The tax proposal has sparked a political battle involving unions, tech billionaires, politicians, and business groups, with significant financial support on both sides and rival ballot measures seeking to block the tax.
- Supporters argue the tax is necessary to replace $30 billion in annual Medicaid funding cuts affecting millions of Californians, while opponents fear it could reduce investment, lower tax revenues, and lead to increased taxes for others.
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For the proposal of a one-off 5% tax to the billionaires resident in California, Bernie Sanders also comes to the field. The Senator of Vermont launched on Wednesday evening from Los Angeles his campaign in favor of the "Billionaires Tax" on which the Californians will be called to express themselves in November in case the union of the workers of the services and the health care that promoted it succeeds to collect at least 875 thousand signatu…
·Rome, Italy
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Coverage Details
Total News Sources113
Leaning Left25Leaning Right13Center48Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 29%
C 56%
15%
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