California's 'Billionaire Tax' likely in voters hands: 'Tax the rich' proposals ramp up
California residents may vote on a 'Billionaire Tax' that would impose a one-time 5% tax on residents with a net worth of at least $1 billion. The tax is estimated to impact 255 eligible taxpayers and is being proposed to save California's healthcare system.
California residents may decide on a 'Billionaire Tax' that would impose a one-time 5% tax on those with a net worth of at least $1 billion. The tax, sponsored by healthcare unions like SEIU-UHW, aims to save California's healthcare system from collapsing due to federal funding cuts. The cuts are expected to strip $100 billion from California's healthcare over the next five years. Opponents, including Google co-founder Sergey Brin and Democratic Governor Gavin Newsom, argue the tax could drive wealthy residents out of the state. Nvidia CEO Jensen Huang and Sen. Bernie Sanders support the tax. The proposal comes as California loses income and residents, with the state having lost $11.9 billion and nearly 230,000 residents. The tax needs a simple majority to pass if placed on the November ballot.
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