California Democrats are clamoring to tax the rich. Why their proposals could backfire
California progressives want to hike taxes on corporations and billionaires to absorb federal funding cuts to Medi-Cal. But backfilling the loss would not address the state’s existing — and growing — structural budget deficit, budget experts say.
California billionaire tax is a no-brainer for progressive Democrats, right? Wrong.
The health care union behind the tax measure argues its plan is the only viable fix for federal funding cuts to Medi-Cal. But even some of the most liberal lawmakers and labor unions aren’t convinced yet.
Only 6 billionaires left California over its proposed wealth tax—but they took $27 billion in potential revenue with them
Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax—but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.
Steven Spielberg is latest billionaire to leave California ahead of proposed wealth tax
The proposed Billionaire Tax Act would see residents of the state whose net worth exceeds that figure having to pay a one-time tax totalling 5% of their assets. The director, and his wife of 34 years Kate Capshaw, have bought a property in the iconic San Remo co-op in New York City, which overlooks Central Park, Daily Mail reports.
‘Leave before the B’: The billionaire tax backlash is spreading far beyond billionaires
Panic is spreading through Silicon Valley, as founders and investors worry the tax could push startups — and future innovation — out of California altogether.
Newsom says California wealth tax ‘really damaging’ as billionaires move money, businesses out of state
California Gov. Gavin Newsom acknowledged that the state’s proposed wealth tax is “bad economics.”
Newsom Vows to Stop Proposed Billionaire Tax in California
Gov. Gavin Newsom said he was working behind the scenes to block a proposed tax on billionaires’ wealth and was committed to defeating the measure if it reached the ballot.