Newsom and Lurie Will Both Make TV Ads Against California Billionaire Tax, as Rich Guys Launch Opposition

"The billionaires who don't want to pay the California billionaire tax are lining up big bucks to defeat the ballot measure, and putting Gavin Newsom and Daniel Lurie into ads saying please don't tax the poor billionaires. The already controversial proposed California billionaire tax has not even qualified for the November ballot yet, but the billionaire class is already organizing against the measure with increasing fury."

"Mind you, this one-time, 5% tax on people with more than $1 billion net worth would only affect about 250 people statewide. If the billionaire tax passed, it would raise tens of billions of dollars that would counteract Trump cuts to the state's healthcare and Medi-Cal programs. But the counterargument is that all the billionaires would flee from California, leaving the state with less tax revenue in the long run."

"And the New York Times reported today that Governor Gavin Newsom and SF Mayor Daniel Lurie are joining the fight against the billionaire tax. Newsom and Lurie have been drafted in by "crypto executives and business leaders, who will be cranking out a mixture of big-money advertisements, plus three competing ballot measures meant to either undermine the billionaire tax, confuse voters with similar measures, or invalidate the billionaire tax with other measures that would weaken it to the point of uselessness."

A proposed one-time 5% tax on individuals with more than $1 billion net worth would affect roughly 250 people and could raise tens of billions of dollars. Supporters must collect about 900,000 signatures by April to qualify the measure for the November ballot. Wealthy opponents are organizing early, funding ads and recruiting Governor Gavin Newsom and San Francisco Mayor Daniel Lurie to oppose the tax. Crypto executives and business leaders plan big-money advertising and several competing ballot measures intended to undermine, confuse, or invalidate the billionaire tax. Opponents warn of billionaire flight and long-term revenue loss.

Read at sfist.com