Billionaire-tax backers say they have enough signatures - times two - to qualify for ballot
Los Angeles Times • • nation
Key Points:
- Supporters of a proposed billionaire tax in California claim to have gathered nearly 1.6 million signatures, almost double the nearly 875,000 needed to qualify the measure for the November ballot.
- The proposal would impose a one-time tax of up to 5% on taxpayers and trusts with assets over $1 billion, aiming to raise about $100 billion to fund healthcare, food assistance, and education programs.
- Advocates argue the tax is essential to offset federal healthcare funding cuts that threaten Medi-Cal coverage and rural hospitals, while opponents warn it could drive wealthy residents out of the state and harm California’s economy and budget.
- The measure has divided political figures, with Senator Bernie Sanders supporting it and Governor Gavin Newsom opposing it, reflecting broader debates on addressing the state’s fiscal challenges.
- Opponents claim the tax would worsen California’s budget deficit by reducing revenue from high-income earners and potentially increasing taxes for all residents, labeling it an “everyone tax” despite its billionaire focus.
