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Billionaires Prepare $87 Million Ad Campaign to Block California Wealth Tax
The New York Times • • nation
Key Points:
- A coalition of billionaires in California has reserved nearly $87 million in TV advertising time to oppose a proposed wealth tax targeting residents with a net worth of $1 billion or more.
- The ads, set to begin airing next month, mark the coalition's most significant effort to influence public opinion ahead of the November ballot measure, Proposition 40.
- Instead of directly opposing Proposition 40, the billionaire-backed group, Building A Better California, has placed two alternative tax-related measures on the ballot that could nullify the wealth tax if passed.
- The coalition's spokeswoman emphasized their goal is to inform voters about policies that protect state accountability and prevent new taxes on retirement and savings, without specifying which measures the ads will promote.
- The proposed wealth tax has already caused some wealthy Californians to leave the state and increased political spending by affluent individuals.
