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California ‘billionaire tax’ makes ballot despite opposition from tech moguls
The Guardian • • nation
Key Points:
- A proposal to impose a one-time 5% wealth tax on California billionaires has qualified for the November ballot after gathering sufficient signatures, intensifying the state's ongoing debate over taxation of the ultra-rich.
- The California Billionaire Tax Act, supported by labor unions like the Service Employees International Union-United Healthcare Workers West, aims to fund healthcare and education programs by targeting residents worth over $1 billion.
- The measure faces strong opposition from tech billionaires, including Google co-founders Larry Page and Sergey Brin, who have spent millions to fight the tax and threatened to leave the state if it passes.
- Governor Gavin Newsom has vowed to block the tax, warning it could drive businesses away, while supporters argue it ensures billionaires pay their fair share amid California's wealth inequality.
- Despite heavy lobbying and financial opposition from prominent Silicon Valley figures, the proposal surpassed the 874,641 signature threshold and may proceed to a vote unless backers decide to negotiate with the state by June 25.
