California Billionaire Tax Has Enough Signatures to Land on Ballot, Backers Say
The New York Times • • general
Key Points:
- The labor union Service Employees International Union-United Healthcare Workers West has collected over 1.5 million signatures to place a proposed one-time 5% tax on California billionaires on the November ballot.
- The tax would apply to residents with assets of at least $1.1 billion and primarily fund healthcare, aiming to offset federal Medicaid cuts made under the Trump administration.
- The proposal has sparked a contentious debate, with Governor Gavin Newsom and Silicon Valley leaders opposing it, while Senator Bernie Sanders supports it.
- Opponents plan to release an economic study warning that the tax could harm California’s start-up ecosystem, potentially causing the loss of 108,000 high-paying jobs and billions in tax revenue over 20 years.
- The campaign is preparing to submit the signatures to election officials, setting the stage for a costly and high-profile election battle centered on economic inequality and the state’s innovation future.
