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Union Offers Big Concession on Billionaires' Tax
Newser • • nation
Key Points:
- The California labor union SEIU-United Healthcare Workers West proposed a one-time 5% tax on billionaires but offered to reduce it to 2% to gain Governor Gavin Newsom's support, which he rejected.
- Governor Newsom and his spokeswoman stated strong opposition to a California-only wealth tax, citing concerns it would defund essential public services like education, healthcare, and public safety.
- The 5% tax measure has qualified for the November ballot but faces opposition from both political sides, with critics warning it could drive wealthy residents out of California and reduce state revenue.
- Polls indicate modest majority support for the tax, but significant financial opposition is expected from wealthy individuals, including Google co-founder Sergey Brin, aiming to defeat the measure.
