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California labor union offers to scale back billionaire tax proposal after pushback
- A California labor union proposed a temporary 5% tax on billionaires but offered to reduce it to 2% following criticism and support for ballot qualification.
- The tax targeted individuals with a net worth over $1 billion and faced opposition from Democratic Governor Gavin Newsom and other critics.
- Supporters described the 2% one-time tax as modest and important for funding healthcare services.
- Legislative leaders and Governor Newsom agreed on a budget approach excluding the billionaire tax, focusing instead on addressing the state's long-term deficit with additional revenues.
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17 Articles
17 Articles
Billionaire Tax Backers Dare Gavin Newsom to Embrace Scaled-Back Plan
Gov. Gavin Newsom is refusing to back down after organizers behind California's controversial billionaire tax initiative on Thursday publicly challenged him to support a scaled-back version of the proposal.
·New York, United States
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Union Proposes Compromise on California Billionaire Tax
Wall Street Journal: “The architects of California’s proposed billionaire tax said Thursday that they are open to withdrawing the ballot measure if Gov. Gavin Newsom supports a smaller wealth tax.” “In an open letter to the governor, the Service Employees International Union-United Healthcare Workers West said it would pull its proposed one-time, 5% tax from the November ballot if Newsom champions a 2% tax on billionaires’ net worth instead. The…
·New York, United States
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right3Center9Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
Factuality
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