The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals with net worth exceeding $1 billion. The goal is to generate $100 billion in revenue, mainly to fund Medicaid and other programs. Critics argue that the measure would decrease state revenue over time.
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California Billionaire Tax Proposal Qualifies for November Ballot
A proposal to temporarily increase taxes on billionaires in California has sufficient public support to qualify for the November ballot, according to Secretary of State Shirley Weber.
Image/source material from KRCR Local.
Key Details
- Location: California
- Date/time: June 25 (unless pulled), Wednesday night
- Agencies involved: Secretary of State Shirley Weber's office
- Status: Qualified for November ballot
- Public impact: Potential $100 billion in revenue to fund Medicaid and other programs
Shirley Weber
Gavin Newsom
Sergey Brin
Bernie Sanders
Monique Limón
Secretary of State Shirley Weber's office
Google co-founder Sergey Brin's 'Building a Better California' committee
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