Proposed billionaires' tax in California rattles Silicon Valley
ABC News • • business
Key Points:
- A proposed one-time 5% tax on billionaires' assets in California has sparked significant backlash from Silicon Valley tech leaders, who warn it could drive entrepreneurs and wealth out of the state.
- Democratic Governor Gavin Newsom opposes the tax, fearing it will harm California’s economy and cause a loss of hundreds of millions in tax revenue, complicating his political future and budget plans.
- The tax, supported by progressive figures like Senator Bernie Sanders and Rep. Ro Khanna, aims to fund health services for lower-income residents following federal funding cuts, but faces strong opposition from business groups and some tech billionaires.
- The proposal requires over 870,000 petition signatures to qualify for the November ballot, and there is uncertainty about whether it will
