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California billionaire wealth tax on ballot, split
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2026-07-25 23:35 UTC → 2026-08-01 02:34 UTC ·
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California billionaire wealth tax on ballot, opposition · j split
Proposition 40, a one‑time 5 % wealth tax on California residents whose net worth is at least $1 billion, was certified on June 26 2026 for the Nov 3 2026 ballot. The measure would apply to roughly 200‑250 of the state’s richest individuals and trusts, directing about 90 % of projected revenue to Medi‑Cal and the remaining 10 % to K‑12 education, food‑security and related programs. Support is organised by the Service Employees International Union‑United Healthcare Workers West, West (SEIU‑UHW), with endorsements from labor unions, progressive Democrats, economist Emmanuel Saez and philanthropist Tom Steyer. Proponents estimate the tax could raise $89 billion–$128 billion over five years, with some projections exceeding $100 billion. Opposition is anchored by a billionaire‑funded coalition called Building A Better California. Tech billionaire Sergey Brin has contributed roughly $82 million of an estimated $87 million pledged for a statewide TV campaign, joined by donors such as John Doerr and Michael Moritz. The group also introduced counter‑initiatives 41 (program audits) and 42 (ban on new personal‑asset taxes). A new controversy surrounds the measure’s sponsor: a union watchdog highlighted watchdog, the Center for Union Facts, disclosed that SEIU‑UHW has spent about $1.34 million of member dues on luxury resort travel for staff, prompting accusations of hypocrisy as the union campaigns including trips to tax the rich. Langham Huntington, Kona Kai Resort and the Caribe Hilton. The watchdog noted that said the complex LM‑2 filings make it hard for members to track such spending. Governor Gavin Newsom opposes spending, prompting accusations of hypocrisy. Within the state measure while advocating a national wealth tax, and Democratic Party, the wealth‑tax debate now sits alongside other fiscal measures on proposal has deepened internal divisions. Labor groups such as the November ballot, including a veterans‑and‑affordable‑housing bond State Council of Laborers and a permanent increase United Domestic Workers have opposed Proposition 40, citing fiscal‑risk concerns, while progressive factions and several party leaders continue to marginal income‑tax rates on high earners. back it as a source of funding for Medi‑Cal and other social programs.
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- 2026-08-01 02:34 UTC California billionaire wealth tax on ballot, split
- 2026-07-25 23:35 UTC California billionaire wealth tax on ballot, opposition · j
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