Backers of a proposed tax on California billionaires have officially collected enough signatures to put the measure on the statewide ballot this fall, state officials say.
However, with mounting opposition from high-profile politicians, including the state's governor, Gavin Newsom, and former presidential candidate Andrew Yang, the proposition might not make it to the ballot.
The labor union Service Employees International Union-United Healthcare Workers West (SEIU-UHW) is spearheading a tax on the state's ultra-wealthy to prevent hospital and clinic closures, protect healthcare jobs, and help fund K-14 public education and state food ******* istance programs.
Opponents say the tax would fuel an exodus of wealthy company founders and investors, spark job losses, and further weaken California's economy.
"I don't think wealth taxes are a good idea in practice, and they're definitely dumb at the state level," Yang posted on X.
However, with mounting opposition from high-profile politicians, including the state's governor, Gavin Newsom, and former presidential candidate Andrew Yang, the proposition might not make it to the ballot.
The labor union Service Employees International Union-United Healthcare Workers West (SEIU-UHW) is spearheading a tax on the state's ultra-wealthy to prevent hospital and clinic closures, protect healthcare jobs, and help fund K-14 public education and state food ******* istance programs.
Opponents say the tax would fuel an exodus of wealthy company founders and investors, spark job losses, and further weaken California's economy.
"I don't think wealth taxes are a good idea in practice, and they're definitely dumb at the state level," Yang posted on X.
5 months ago
